Document:

Exhibit

Exhibit 10.3

NOTE
(Amended and Restated)

$20,000,000.00        February 19, 2019
FOR VALUE RECEIVED, the undersigned ("Borrower"), hereby promises to pay to Branch Banking and Trust Company or registered assigns ("Lender"), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to Borrower under that certain Credit Agreement, dated as of December 29, 2015 (as amended, including by First Amendment dated April 11, 2018, and by Second Amendment dated the date of this Note, restated, extended, supplemented or otherwise modified in writing from time to time, the "Agreement;" the terms defined therein being used herein as therein defined), among Borrower, the Lenders from time to time party thereto, and Union Bank & Trust, as Administrative Agent.
Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement.  All payments of principal and interest shall be made to Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office.  If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.
This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.  Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.
Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF VIRGINIA. 
This Note is an amendment and restatement, and not a novation, of the Note dated April 11, 2018, made by the Borrower payable to the Lender in the original principal amount of $15,200,000 (the "Original Note"), and this Note carries forward the indebtedness evidenced by the Original Note.  All amounts owing or otherwise due under or pursuant to the Original Note immediately before the effectiveness of this Note are owing and otherwise due pursuant to this Note. All references to the Original Note in any agreement, instrument or document executed or delivered in connection the Original Note shall be deemed to refer to this Note, as it may be amended, restated, supplemented or otherwise modified from time to time.

1

	
		
	 
	RGC Midstream, LLC

	 
	 

	 
	By: /s/ John S. D'Orazio   

	 
	Name: John S. D'Orazio

	 
	Title:   President

	 
	 

	 
	By: /s/ Paul W. Nester    

	 
	Name: Paul W. Nester

	 
	Title:   Chief Financial Officer

	
		
	Accepted:
	 

	 
	 

	Branch Banking and Trust Company
	 

	 
	 

	By: /s/ Ray D. Vaughn  
	 

	Name: Ray D. Vaughn
	 

	Title:   Senior Vice President
	 

2

 LOANS AND PAYMENTS WITH RESPECT THERETO

	
					
	Date
	Amount of Loan Made
	Amount of Principal or Interest Paid This Date
	Outstanding Principal Balance This Date
	Notation Made By

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

	   
	   
	   
	   
	   

3nxrt-ex102_492.htm

 

Exhibit 10.2

FIRST AMENDMENT

TO

AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT

OF

NEXPOINT RESIDENTIAL TRUST OPERATING PARTNERSHIP, L.P. 

This First Amendment (this “Amendment”), dated as of November 16, 2018, is to the Amended and Restated Limited Partnership Agreement of NexPoint Residential Trust Operating Partnership, L.P. (the “Partnership”), dated August 1, 2017, by and among NexPoint Residential Trust Operating Partnership GP, LLC, a Delaware limited liability company (the “General Partner”), and the Persons that are party thereto from time to time and whose names are set forth on Exhibit A attached thereto (as it may be amended from time to time) (as amended, the “Partnership Agreement”). All capitalized terms used herein and not otherwise defined have the respective meaning given to such terms in the Partnership Agreement.

 

RECITALS

 

A.NexPoint Residential Trust, Inc., a Maryland corporation (the “Company”), a limited partner of the Partnership, recently completed a public offering of its common stock, par value $0.01 per share, the net cash proceeds from which it contributed to the Partnership in exchange for limited partnership units of the Partnership pursuant to the Limited Partnership Units Subscription Agreement, dated November 16, 2018, by and between the Company and the Partnership.

 

B.In accordance with Section 4.1 and 14.1 of the Partnership Agreement, to reflect the Company’s cash contribution to the Partnership in exchange for limited partnership units of the Partnership, the General Partner has approved the amendment to the Partnership Agreement set forth herein.

 

AGREEMENTS

 

Section 1. Amendment of Exhibit A. Exhibit A of the Partnership Agreement is hereby amended and restated in its entirety to read as set forth on Exhibit A attached hereto.

 

Section 2. Miscellaneous.

 

(a)Effect of Amendment. This Amendment is limited as specified and shall not constitute a modification, amendment or waiver of any other provision of the Partnership Agreement. Except as specifically amended by this Amendment, all other provisions of the Partnership Agreement are hereby ratified and remain in full force and effect. 

 

(b)Single Document. From and after the date hereof, all references to the Partnership Agreement shall be deemed to be references to the Partnership Agreement as amended by this Amendment.

 

(c)Severability. In the event that any provision of this Amendment or the application of any provision of this Amendment is declared to be invalid or otherwise unenforceable by a court of competent jurisdiction, the remainder of this Amendment shall not be affected.

 

(d)Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

(e)Headings. The headings in this Amendment are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof.

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

 

GENERAL PARTNER: 

NexPoint Residential Trust Operating Partnership GP, LLC

 

By: NexPoint Residential Trust, Inc., its sole member

 

By: /s/ Brian Mitts

Name: Brian Mitts

Title: Chief Financial Officer, Executive VP-Finance and Treasurer

 

 

 

[Signature Page to First Amendment to Partnership Agreement]

 

EXHIBIT A

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

(As of November 16, 2018)

						
	
Name and Address of Partner
	
Cash Contribution
	
Agreed Value of Contributed Property
	
Total Contribution
	
Partnership Units
	
Percentage Interest

	
 
	
 
	
 
	
 
	
 
	
 

	
General Partner
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
NexPoint Residential Trust Operating Partnership GP, LLC
300 Crescent Court
Suite 700
Dallas, Texas  75201
	
 
	
 
	
 
	
 
	
0.1% general partner

	
 
	
 
	
 
	
 
	
 
	
 

	
Limited Partners
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
NexPoint Residential Trust, Inc.
300 Crescent Court
Suite 700
Dallas, Texas  75201

 
	
$85,658,977.79
	
N/A
	
$85,658,977.79
	
23,746,169
	
99.6% limited
partner

	
BH Equities, L.L.C.
	
N/A
	
$2,000,000
	
$2,000,000
	
73,233
	
0.3% limited
partner

 

 

A-1EX-10.1

 Exhibit 10.1 

ABL facilities agreement waiver request letter 
  

	To:	 BARCLAYS BANK PLC 

as Agent under the Facilities Agreement (as defined below) 
 and
on behalf of the Finance Parties under the Facilities Agreement 
  

			
	Address:	  	745 7th Avenue 
New York 
NY 10019
	Electronic mail address:	  	komal.ramkirath@barclays.com
		
	For the attention of:	  	Komal Ramkirath

  

	To:	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 

as Lender under the Facilities Agreement (as defined below) 

19 February 2019 
 Dear Sirs, 

ABL Facilities Agreement – Waiver Request 
  

	1.	 BACKGROUND 

1.1    We refer to the ABL facilities agreement dated 17 April 2018 between, amongst others, Barclays Bank PLC (as agent), Bristow
Norway AS and Bristow Helicopters Limited as borrowers and guarantors and Bristow Group Inc. as a guarantor, as amended from time to time including on 7 November 2018 (the “Facilities Agreement”). 

1.2    Pursuant to paragraph (b) of clause 25.1 (Financial statements) of the Facilities Agreement, the Parent was required to
deliver its unaudited consolidated financial statements for the Financial Quarter ending on 31 December 2018 within 45 days after the end of such Financial Quarter. The Parent has not done so. Such financial statements are also required to be
delivered pursuant to certain other agreements governing Financial Indebtedness and other contracts. This letter serves as a notification of the Default arising therefrom for the purposes of clause 25.8 (Notification of Default) of the
Facilities Agreement. The Parent intends to remedy such Default by ensuring such financial statements are provided prior to events of default or analogous events arising as a result of such failure and is seeking extensions of time periods where
necessary to ensure that this is the case. 
 1.3    In addition, this letter sets out certain amendments to the Facilities Agreement
which have been agreed between the Agent and ourselves as Obligors’ Agent. 
 1.4    In accordance with Clause 42
(Amendments and Waivers) of the Facilities Agreement we (on behalf of ourselves and as Obligors’ Agent on behalf of each other Obligor) request that the Majority Lenders consent to the terms of this letter,
the waiver of certain Defaults as set out in paragraph 2.1 below (collectively, the “Waivers”) and the amendments set out in paragraph 3 below (the “Amendments”) which, in each case, shall take effect on the
Effective Date (as defined below). 

 ABL facilities agreement waiver request letter 

 

	2.	 WAIVERS 

2.1    We request the consent of the Majority Lenders, and, subject to paragraph 2.2 below, by countersigning this Letter the Agent (acting
on behalf of the Finance Parties) agrees to, with effect on and from the Effective Date (as defined below), waive: 
  

	 	(a)	 any Default which would otherwise exist or occur under or pursuant to clause 28.3 (Other obligations) of
the Facilities Agreement as a result of the Parent failing to provide its unaudited consolidated financial statements for the Financial Quarter ending on 31 December 2018 within the time period required pursuant to paragraph (b) of Clause
25.1 (Financial statements) of the Facilities Agreement; and 

  

	 	(b)	 any Default which would otherwise exist or occur under or pursuant to clause 28.4 (Misrepresentation) of
the Facilities Agreement which exists or occurs as a result of the representation and warranty in paragraph (a) of clause 24.12 (No default) of the Facilities Agreement not being correct when made at any time on or prior to the Effective
Date (as defined below), to the extent such representation and warranty was or is not correct when made as a result of the existence of any Default expressly specified in sub-paragraph (a) of this paragraph 2.1 as being waived with effect from
the Effective Date (subject to paragraph 2.2 below). 

 2.2    The Waivers shall take effect on the Effective Date (as
defined below) but shall be subject to the conditions that: 
  

	 	(a)	 the financial statements referred to in paragraph 2.1(a) above are provided by the date falling 75 days after
31 December 2018 and the Parent undertakes to ensure such financial statements are provided by such date and agrees that such obligation shall not be subject to the three Business Day period to cure a Default under paragraph (b) of clause
28.3 (Other obligations) of the Facilities Agreement; and 

  

	 	(b)	 the Parent (or an Affiliate of the Parent) pays to the Agent, for the account of each Consenting Lender (as
defined below), a consent fee equal to 0.05 per cent. of that Consenting Lender’s Revolving Facility Commitment as of the Effective Date. The Parent shall pay such consent fee on the Effective Date if it receives the copy of this letter
countersigned by the Agent at or prior to 1.00pm New York time on the Effective Date or the following Business Day if it receives the copy of this letter countersigned by the Agent after 1.00pm New York time on the Effective Date and if the Parent
fails to make such payment when due as required herein the Waivers shall cease to apply. 

 2.3    We confirm that to
the best of our knowledge and belief at the time of delivery of the most recent Aggregate Borrowing Base Certificate none of the written factual information and written data in, or provided in connection with, such Aggregate Borrowing Base
Certificate contained any untrue statement of fact or omitted to state any fact or other information necessary to make such information and data not misleading at the time such Borrowing Base Certificate was provided to the Agent in light of the
circumstances under which such information or data was furnished. 
 2.4    We request that each Lender confirms its response to the
above requests and the Waivers by no later than 12:00 p.m. in New York on 19 February 2019 or such later time and/or date as we may notify to the Agent pursuant to paragraph 2.5 below (the “Consent Deadline”). Each Lender
providing its consent pursuant to this paragraph 2.4 prior to the Consent Deadline shall be a “Consenting Lender”. 

2.5    We reserve the right to extend the Consent Deadline at our absolute discretion by written notice to the Agent. By providing its
consent to the terms of this letter pursuant to paragraph 2.4, each Lender providing such consent also authorizes the Agent and the Security Agent to enter into such additional documentation and take such other action as it is reasonably required to
give effect to the Waivers. 

 ABL facilities agreement waiver request letter 

 

 2.6    We request that the Agent promptly notify us when it has received from the
Majority Lenders the required consents requested in this letter. 
  

	3.    AMENDMENTS	 

With effect from the Effective Date, the Facilities Agreement shall be amended as follows: 

 

	 	(a)	 in the definition of “Borrowing Base” in clause 1.1 (Definitions) of the Facilities
Agreement, in paragraph (a)(iii), the reference to “USD 10,000,000” shall be replaced by a reference to “USD 5,000,000”; and 

  

	 	(b)	 paragraph (a) of the definition of “Termination Date” in clause 1.1 (Definitions)
of the Facilities Agreement shall be deleted and replaced with: 

 “(a)    14 December
2021;” 
  

	4.    GUARANTEE	 AND SECURITY CONFIMRATIONS 

Each of the Guarantors, by their signature or countersignature of this letter: 

 

	 	(a)	 consents to the amendments of the Facilities Agreement effected by paragraph 3 above; 

 

	 	(b)	 confirms for the benefit of the Finance Parties that: 

 

	 	(i)	 its obligations as a Guarantor under clause 23 (Guarantee and indemnity) of the Facilities Agreement
(the “Guaranteed Obligations”) are not discharged or otherwise affected by those amendments or the other provisions of this letter and shall accordingly continue in full force and effect; and 

 

	 	(ii)	 the Guaranteed Obligations shall, after the Effective Date, extend to the obligations of each Obligor under the
Facilities Agreement, as amended by this letter. 

  

	5.    MISCELLANEOUS	 

5.1    Any confirmation or consent given by a Lender in response to the requests made under this letter will be irrevocable and will bind
that Lender and its permitted transferees or assignees. 
 5.2    Terms defined in the Facilities Agreement have the same meanings in
this letter unless the context otherwise requires. The provisions of Clause 1.2 (Construction) of the Facilities Agreement apply to this letter as though they were set out in full in this letter except that references to the Facilities
Agreement are to be construed as references to this letter. 
 5.3    Bristow Group Inc. enters into this letter for itself and in its
capacity as the Obligors’ Agent (in accordance with Clause 2.4 (Obligors’ Agent) of the Facilities Agreement). 

5.4    By your countersignature of this letter, you confirm that the consents requested in this letter have been given by the Majority
Lenders. 
 5.5    Save as expressly set out in this letter: 
  

	 	(a)	 except as amended by the Amendments, the Finance Documents remain in full force and effect; and

  

	 	(b)	 nothing in this letter shall constitute or be construed as a waiver or compromise of any other term or
condition of the Finance Documents or any of the Finance Parties’ rights in relation to them which for the avoidance of doubt shall continue to apply in full force and effect. 

 ABL facilities agreement waiver request letter 

 

 5.6    With effect from the Effective Date this letter is designated as a Finance
Document for the purposes of the Facilities Agreement. With effect from the Effective Date, the Facilities Agreement and this letter will be read and construed as one document and the Amendments shall be effective. For the purposes of this letter
the “Effective Date” means the date on which the Agent provides the Obligors’ Agent with a copy of this letter countersigned by the Agent. The Agent shall promptly after the Effective Date occurs confirm the same to the Lenders
and the Obligors’ Agent. 
 5.7    This letter may be executed in any number of counterparts and all those counterparts taken
together shall be deemed to constitute one and the same letter. Delivery of a counterpart of this letter by e-mail attachment or telecopy shall be an effective mode of delivery. 

5.8    This letter and any non-contractual obligations arising out of or in connection with it are
governed by English law. 
 5.9    The provisions of Clauses 40 (Partial invalidity) and 49 (Enforcement) of the
Facilities Agreement apply to this letter as though they were set out in full in this letter except that references to the Facilities Agreement are to be construed as references to this letter. 

Please sign and return to us a counterpart of this letter in order to indicate your agreement to its terms. 

Yours faithfully 
  

	
	 /s/ Geoffrey L. Carpenter

for and on behalf of

	 Bristow Group Inc.
 for itself, as an Original
Guarantor, and as Obligors’ Agent for and on behalf of each other Obligor

	
	 /s/ Alan Corbett

for and on behalf of

	Bristow Norway AS
	as Original Guarantor
	
	 /s/ Alan Corbett

for and on behalf of

	Bristow Helicopters Limited
	as Original Guarantor

 ABL facilities agreement waiver request letter 

 

 We acknowledge and agree to the terms of this letter and confirm that the waivers requested in this letter
have been agreed by the Majority Lenders and that the Waivers shall take effect on the Effective Date. 
 THE AGENT 

 

			
	For and on behalf of
	
	 Barclays Bank PLC 
 as Agent
and on behalf of the Finance Parties 

		
	By:	 	 /s/ Joseph Jordan

		
	By:	 	 Joseph Jordan

	
	Date: February 19, 2019
	
	Agreed and accepted by:
	
	THE LENDER
	
	 Credit Suisse AG, Cayman Islands Branch

as Lender

		
	By:	 	 /s/ Vipul Dhadda

		 	Vipul Dhadda
		 	Authorized Signatory
		
	By:	 	 /s/ Michael Del Genio

		 	Michael Del Genio
		 	Authorized Signatory
	
	Date: February 18, 2019

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