Document:

Fifth Amendment to Credit Agreement

 Exhibit 10.24 
 Execution Version 
 FIFTH AMENDMENT 

TO 
 CREDIT
AGREEMENT 
 Dated as of May 10, 2012 
 AMONG 
 WINDSOR PERMIAN LLC 

AS BORROWER, 

WELLS FARGO BANK, N.A. 
 AS ADMINISTRATIVE AGENT, 
 AMEGY BANK NATIONAL ASSOCIATION AND 

U.S. BANK NATIONAL ASSOCIATION 
 AS CO-SYNDICATION AGENTS, 
 AND 

THE LENDERS PARTY HERETO 
 SOLE BOOKRUNNER AND LEAD ARRANGER 
 WELLS FARGO SECURITIES, LLC 

 FIFTH AMENDMENT TO CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”) dated as of May 10, 2012, among WINDSOR PERMIAN
LLC, a Delaware limited liability company, (the “Borrower”); each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and WELLS FARGO BANK, N.A. (“Wells”),
as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 
 R E C I T A L S 
 A.    The Borrower, BNP
Paribas, as administrative agent (the “Initial Administrative Agent”), and the Lenders are parties to that certain Credit Agreement dated as of October 15, 2010 as amended by that certain First Amendment dated as of
January 31, 2011, that certain Second Amendment dated as of August 4, 2011, that certain Third Amendment to Credit Agreement dated as of October 13, 2011 and that certain Fourth Amendment dated as of December 30, 2011 (the
“Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 
 B.    The Initial Administrative Agent, Wells, the Borrower and the Lenders entered into that certain Resignation, Consent and Appointment Agreement and Amendment Agreement pursuant to
which, among other things, the Initial Administrative Agent resigned as administrative agent on behalf of the Lenders under the Credit Agreement and the other Loan Documents and Wells accepted the appointment as administrative agent on behalf of the
Lenders under the Credit Agreement and the other Loan Documents. 
 C.    In connection with the assignment
to Wells as Administrative Agent, Wells Fargo Securities, LLC was appointed Sole Bookrunner and Lead Arranger. 

D.    The Borrower has requested and the Majority Lenders have agreed to amend certain provisions of the Credit
Agreement as set forth herein. 
 E.    Now, therefore, to induce the Administrative Agent and all of
Lenders to enter into this Fifth Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 Section 1    Defined Terms. Each capitalized term used herein but not otherwise defined
herein has the meaning given such term in the Credit Agreement, as amended by this Fifth Amendment. Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of the Credit Agreement. 

Section 2    Amendments to Credit Agreement. 

2.1    Amendment to Section 1.02. Section 1.02 is hereby amended by: 

(a)    deleting the defined terms “Agreement” in its entirety and replacing it with the following:

  
 1 

 “‘Agreement’ means this Credit Agreement, as amended
by that certain First Amendment dated as of January 31, 2011, that certain Second Amendment dated as of August 4, 2011, that certain Third Amendment dated as of October 13, 2011 and that certain Fourth Amendment dated as of
December 30, 2011, the certain Fifth Amendment dated as of May 10, 2012, as the same may from time to time be amended, modified, supplemented or restated.” 
 (b)    Adding the following defined term in the appropriate alphabetical order: 
 “‘Subordinated Debt’ means, except as permitted in Section 9.04(b), Debt (i) in an initial principal amount not to exceed $30,000,000, (ii) with interest no greater
than 8% per annum and payable only in kind, (iii) with a maturity date no earlier than 91 days after the Maturity Date, (iv) subordinate in all respects to the Indebtedness and (v) unsecured.” 

2.2    Amendment to Section 9.02. Section 9.02 is hereby amended by renumbering 9.02(h) as 9.02(i)
and adding the following as 9.02(h): 
 2.3    “(h) the Subordinated Debt.” 

2.4    Amendment to Section 9.04. Section 9.04 is hereby amended by deleting such Section in its
entirety and replacing it with the following: 
 “Section 9.04    Dividends,
Distributions and Restricted Payments. 
 (a)    Restricted Payments. The
Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, return any capital to its holders of Equity Interests or make any distribution of its
Property to its Equity Interest holders without the prior approval of the Majority Lenders, except that the Borrower may declare and pay (a) dividends or distributions with respect to its Equity Interests payable solely in additional membership
interests of its Equity Interests (other than Disqualified Capital Stock), (b) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (c) so long as no Event of Default or Borrowing Base Deficiency has
occurred and is continuing, the Borrower may make tax distributions to its members in accordance with the terms of its limited liability company agreement in an amount equal to the highest marginal tax rate applicable to aggregate federal and state
income tax liability of such members, as calculated in accordance with the terms thereof and (d) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees
of the Borrower and its Subsidiaries. 
 (b)    Subordinated Debt. The Borrower will
not, and will not permit any Subsidiary to: (i) call, make or offer to make any optional Redemption of or otherwise optionally Redeem whether in whole or in part or repay the Subordinated Debt issued under Section 9.02(h) or make any
interest payment on such Subordinated Debt in cash, except with the proceeds of the sale or issuance 

  
 2 

 
of Equity Interests of the Borrower or (ii) amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of any
notes evidencing the Subordinated Debt, or any indenture, agreement, instrument, certificate or other document relating to the Subordinated Debt incurred under Section 9.02(h) if (A) the effect of such amendment, modification or waiver is
to shorten the final maturity to a date that is earlier than the date that is 91 days after the Maturity Date then in effect, or increase the amount of any payment of principal thereof or increase the rate or shorten any period for payment of
interest thereon or modify the method of calculating the interest rate, (B) such action adds covenants, events of default or other agreements to the extent more restrictive, taken as a whole, than those contained in this Agreement, as
determined by the board of directors of the Borrower in its reasonable and good faith judgment, or (C) such action adds collateral to secure the Subordinated Debt.” 
 Section 3    Conditions Precedent. This Fifth Amendment shall become effective on the date (such date, the “Fifth Amendment Effective Date”), when each of the
following conditions is satisfied (or waived in accordance with Section 12.02): 
 3.1    The
Administrative Agent shall have received from the Majority Lenders and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Person. 

3.2    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or
prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement. 

3.3    No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of
this Fifth Amendment. 
 3.4    The Administrative Agent shall have received such other documents as the
Administrative Agent or its special counsel may reasonably require. 
 The Administrative Agent is hereby authorized and
directed to declare this Fifth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such
conditions as permitted in Section 12.02. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 
 Section 4    Miscellaneous. 

4.1    Confirmation. The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain
in full force and effect following the effectiveness of this Fifth Amendment. 
 4.2    Ratification and
Affirmation; Representations and Warranties. The Borrower hereby (a) ratifies and affirms its obligations under, and acknowledges its continued liability 

  
 3 

 
under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (b) represents and
warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fifth Amendment: 

(i)    all of the representations and warranties contained in each Loan Document to which it is a
party are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier
date, 
 (ii)    no Default or Event of Default has occurred and is continuing, and

 (iii)    no event or events have occurred which individually or in the aggregate could
reasonably be expected to have a Material Adverse Effect. 
 4.3    Counterparts. This Fifth
Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fifth Amendment by
facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 

4.4    NO ORAL AGREEMENT. THIS FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN
CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES. 
 4.5    GOVERNING LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 
 4.6    Payment of Expenses. In
accordance with Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fifth Amendment, any other documents prepared
in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent. 
 4.7    Severability. Any provision of this Fifth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  
 4 

 4.8    Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

4.9    Loan Document. This Fifth Amendment is a Loan Document. 

[SIGNATURES BEGIN NEXT PAGE] 

  
 5 

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

					
	BORROWER:	 	WINDSOR PERMIAN LLC
			
		 	By:	 	 /s/ Teresa L. Dick

		 		 	Name: Teresa L. Dick
		 		 	Title: CFO

 Windsor Fifth Amendment Signature Page 1 

					
	ADMINISTRATIVE AGENT:	 	WELLS FARGO BANK, N.A.
			
		 	By:	 	 /s/ Matt Turner

		 		 	Name: Matt Turner
		 		 	Title: Vice President
		
	LENDERS:	 	WELLS FARGO BANK, N.A.
			
		 	By:	 	 /s/ Matt Turner

		 		 	Name: Matt Turner
		 		 	Title: Vice President

 Windsor Fifth Amendment Signature Page 2 

 
			
	AMEGY BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ J.B. Askew

		 	Name: J.B. Askew
		 	Title: Officer

 Windsor Fifth Amendment Signature Page 3 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Tara McLean

		 	Name: Tara McLean
		 	Title: Vice President

 Windsor Fifth Amendment Signature Page 4 

 
			
	WEST TEXAS NATIONAL BANK
		
	By:	 	 /s/ Mark McKinney

		 	Name: Mark McKinney
		 	Title: Senior Vice President

 Windsor Fifth Amendment Signature Page 5 

 
			
	BNP PARIBAS
		
	By:	 	 /s/ PJ De Filippis

		 	Name: PJ De Filippis
		 	Title: MD
		
	By:	 	 /s/ Mylene Dao

		 	Name: Mylene Dao
		 	Title: MD

 Windsor Fifth Amendment Signature Page 6Subordinated note

 Exhibit 10.25 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER SUCH ACT, OR UNLESS THE BORROWER HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, SATISFACTORY TO THE BORROWER AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 

SUBORDINATED NOTE 
 May 14, 2012 
 FOR VALUE RECEIVED, Windsor Permian LLC, a Delaware limited liability company
(“Borrower”), hereby promises to pay Lambda Investors LLC, a Delaware limited liability company (such company and its successors and assigns, the “Lender”), the sum of (a) the aggregate amount up
to twenty-five million dollars ($25,000,000) of any and all loans (each, an “Advance,” collective, the “Loan”) advanced from time to time by the Lender to the Borrower hereunder in the Lender’s
sole and absolute discretion, as evidenced by the inscriptions made on the Schedule 1 attached hereto, or, at the Lender’s option, in the records of the Lender and (b) all interest thereon computed and payable in the manner set
forth below, including, without limitation, interest payments paid in kin d and included in the Loan balance as provided herein (“Interest”). The unpaid principal balance of, and all accrued Interest on, this Note, unless
sooner paid, shall be due and payable in full on January 31, 2015 or on such earlier date as provided herein (“Maturity Date”). 
 The interest rate applicable at any time to the outstanding balance of the Note is herein referred to as the “Borrowing Rate.” From the date of this Note until Maturity Date, the
outstanding principal balance of this Note shall bear interest at the Borrowing Rate equal to LIBOR plus .28 percent (LIBOR + .28%) or 8% per annum, whichever is lower. All interest on this Note shall be computed on the actual number of days
elapsed over a 360 day year. For purposes of this Note, LIBOR shall be the 90 day London Interbank Offered Rate, determined as of April 1, 2012 for the period through June 30, 2012, and determined every 3 months thereafter for each
subsequent 3 month period that the Note remains outstanding. 
 Payments of interest on this Note shall be paid in kind by increasing the
outstanding balance of the Note to reflect the interest payments that are due with each payment amount of interest deemed to be an Advance which shall constitute part of the Loan, and which will, from and after the date of such Advance, accrue
interest in accordance with the terms of this Note. Interest is due and payable in kind quarterly in arrears beginning on July 1, 2012 and the first business day of each calendar quarter thereafter. 

Payments of principal on this Note are to be made in lawful money of the United States of America at the office of the Lender or at such other time and
place as the Lender shall have designated by written notice to the Borrower. 
 The Borrower may prepay this Note, in whole or part, at any time
without penalty. The Note is subject to mandatory prepayment upon the closing of an initial public offering of shares of common stock of Diamondback Energy, Inc. 

 The Borrower and the Lender agree that the indebtedness evidenced by this Note is subordinate in right of
payment, to the extent and in the manner provided in this paragraph, to the prior payment in full of all Senior Debt, and that the subordination is for the benefit of the holders of Senior Debt. “Senior Debt” means any
indebtedness to each of the Lenders under the terms of the Credit Agreement dated October 15, 2010 among Borrower and Wells Fargo Bank, N.A., as Administrative Agent, as amended to date or as further amended pursuant to any subsequent
amendment. Upon any distribution to creditors of the Borrower in a liquidation or dissolution of the Borrower or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Borrower or its property,
(1) holders of Senior Debt shall be entitled to receive payment in full in cash of the principal of and interest (including interest accruing after the commencement of any such proceeding) to the date of payment in full on the Senior Debt
before the Lender shall be entitled to receive any payment of principal of or interest on this Note and (2) until the Senior Debt is paid in full in cash (including the repayment of all principal, interest, fees, letters of credit and any other
amounts owing under the Senior Debt), any distribution to which the Lender would be entitled but for this paragraph shall be made to holders of Senior Debt as their interests may appear. The Borrower may not pay principal of or interest on this Note
and may not acquire this Note for cash or property other than capital stock of the Borrower if a default on Senior Debt occurs and is continuing that permits holders of such Senior Debt to accelerate its maturity, and if a distribution is made to
the Lender that because of this paragraph should not have been made to it, the Lender who receives the distribution shall hold it in trust for holders of Senior Debt and pay it over to them as their interests may appear. After all Senior Debt is
paid in full in cash (including the repayment of all principal, interest, fees, letters of credit and any other amounts owing under the Senior Debt) and until this Note is paid in full, the Lender shall be subrogated to the rights of holders of
Senior Debt to receive distributions applicable to Senior Debt. Nothing in this paragraph shall impair, as between the Borrower and the Lender, the obligation of the Borrower, which is absolute and unconditional, to pay principal of and interest on
this Note in accordance with its terms, except to the extent limited by applicable laws governing insolvency, bankruptcy, reorganization, fraudulent transfer, fraudulent conveyance or similar laws now or hereafter in effect relating to or affecting
the rights of creditors generally, general equity principles of equity and applicable laws. 
 Demand, presentment, protest and notice of
nonpayment and protest are hereby waived by Borrower. 
 The failure of Lender to exercise any of its rights and remedies shall not constitute a
waiver of the right to exercise the same at that or any other time. All rights and remedies of Lender following any default hereunder or under any of the instruments referred to herein shall be cumulative to the greatest extent permitted by law.
Time shall be of the essence in the payment of all installments of interest and principal on this Note and the performance of the Borrower’s other obligations hereunder. 
 The Borrower represents and warrants as follows: (a) the Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware,
(b) the execution, delivery and performance by the Borrower of this Note are within the Borrower’s powers, have been duly authorized by all necessary action, and (c) the Note constitutes the legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms. 

  
 2 

 No amendment of this Note or waiver of any provision hereunder shall be effective except pursuant to a
written amendment, signed by Lender that expressly states that it is intended to amend this Note or waive a right hereunder. 
 This Note shall
be governed by, and construed in accordance with, the law of the State of New York without giving effect to the conflicts of law principles thereof, and shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, personal or legal representatives and permitted assigns. 
 THE UNDERSIGNED IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS
IN ANY WAY ARISING OUT OF OR RELATED TO THIS NOTE SHALL BE LITIGATED IN COURTS HAVING LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK, STATE OF NEW YORK. THE UNDERSIGNED HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY
STATE OR FEDERAL COURT LOCATED IN SUCH JURISDICTION AND WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON THE UNDERSIGNED AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL DIRECTED TO THE UNDERSIGNED AT THE LAST KNOWN
ADDRESS OF THE UNDERSIGNED AS SHOWN IN THE RECORDS OF THE LENDER OR IN ANY OTHER MANNER PERMITTED BY LAW. THE PARTIES IRREVOCABLY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY SUCH ACTION. 
 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed and delivered on the date first above written. 

 

			
	WINDSOR PERMIAN LLC
		
	By:	 	/s/ Steven E. West
	 Name:
 Title:
	 	 Steven E. West

VP

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]