Document:

EX 10.4 RSU

Exhibit 10.4

RESTRICTED STOCK UNIT AGREEMENT 

Granted by

FIRST NIAGARA FINANCIAL GROUP, INC.

under the

FIRST NIAGARA FINANCIAL GROUP, INC.
2012 EQUITY INCENTIVE PLAN

This Restricted Stock Unit Agreement (this “Restricted Stock Unit Award” or this “Agreement”) is hereby made subject to the provisions of the 2012 Equity Incentive Plan (the “Plan”) of First Niagara Financial Group, Inc. (including its Subsidiaries where applicable, the “Company”), which provisions are hereby incorporated by reference and made a part hereof.  A copy of the Plan has been provided to the holder of this Restricted Stock Unit Award (the “Participant”), and the Participant hereby accepts this Restricted Stock Unit Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Committee will be final, binding and conclusive upon the Participant and the Participant’s beneficiaries, heirs, legal representatives, successors and permitted assigns.  Unless the context clearly indicates otherwise, capitalized terms used herein but not defined will have the meaning given such terms in the Plan.  The term “Stock” shall refer to the common stock, $0.01 par value per share, of the Company.  
The number of shares of Stock (or share determination formula) under this Restricted Stock Unit Award is set forth in the award notice or email (the “Award Notice”) sent to the Participant that sets forth the grant of this Restricted Stock Unit Award and the terms thereof, and such Award Notice is hereby incorporated by reference and made a part hereof.  This Restricted Stock Unit Award is described in the Award Notice as “Time-Based Restricted Stock Units.”  For purposes of this Agreement, the “Grant Date” shall mean the date that this Restricted Stock Unit Award was granted to the Participant, as set forth in the Award Notice sent to the Participant.
		
	1.
	    Vesting Schedule.  

Except as otherwise provided in Section 4 of this Agreement, subject to the Participant’s continued Service with the Company through the applicable vesting date, this Restricted Stock Unit Award shall vest as follows:  
Step One: If the Company’s Net Operating Income for 2015 is $75 million or greater, as certified by the Committee, then the total number of shares of Stock covered by this Restricted Stock Unit Award shall become subject to the vesting schedule set forth in Step Two below, such that this Restricted Stock Unit Award shall be treated as “performance-based compensation” for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”).  If the Company’s Net Operating Income for 2015 is less than $75 million, then the total number of shares of Stock covered by this Restricted Stock Unit Award shall be forfeited.  “Net Operating Income” has the meaning given such term in the Company’s Executive Annual Incentive Plan.
Step Two:  If the Company’s Net Operating Income for 2015 is $75 million or greater, as certified by the Committee, then this Restricted Stock Unit Award shall become vested on the third anniversary of the Grant Date (i.e., three-year cliff vesting).

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2.    Grant of Restricted Stock Unit Award.
The Restricted Stock Unit Award will be in the form of a bookkeeping entry denominated in the number of shares of Stock subject to this Restricted Stock Unit Award, pending the vesting or forfeiture of this Restricted Stock Unit Award.  
		
	3.
	Terms and Conditions.

		
	(a)
	Voting.  The Participant will not have the right to vote the shares of Stock underlying this Restricted Stock Unit Award unless and until the issuance to the Participant of the underlying shares of Stock that have vested pursuant to Section 1 or Section 4 of this Agreement, subject to forfeiture pursuant to Section 5(e) of this Agreement.  

		
	(b)
	Dividend Equivalents.  Dividend equivalents in an amount equal to any cash dividends declared and paid with respect to the shares of Stock underlying this Restricted Stock Unit Award (the “Dividend Equivalents”) on the applicable dividend payment date will be distributed and paid to the Participant as soon as practicable after the applicable dividend payment date, but no later than the end of the calendar year in which the applicable dividend payment date occurs.

		
	(c)
	Payment.  Except as otherwise provided by Section 4 of this Agreement, payment of this Restricted Stock Unit Award that vest pursuant to Section 1 of this Agreement, subject to forfeiture pursuant to Section 5(e) of this Agreement, shall be made in shares of Stock no later than the end of the year in which this Restricted Stock Unit Award vests pursuant to Section 1 of this Agreement.

		
	(d)
	Withholding.

		
	(i)
	The Participant shall have the right to direct the Company to satisfy the minimum amount of the federal, state and local taxes required to be withheld upon the payment of this Restricted Stock Unit Award by withholding a number of shares of Stock (based on the Fair Market Value on the date that this Restricted Stock Unit Award becomes subject to such taxes) otherwise to be paid that are necessary to satisfy the minimum amount of the taxes required to be withheld.

		
	(ii)
	In the event that the Participant does not make other arrangements with the Company for the payment of the minimum amount of federal, state or local taxes required to be withheld prior to or at the time of the payment of this Restricted Stock Unit Award, then the Company shall have the right to withhold the number of shares of Stock (based on the Fair Market Value on the date that this Restricted Stock Unit Award becomes subject to such taxes) otherwise to be paid that are necessary to satisfy the minimum amount of the taxes required to be withheld.

		
	(iii)
	In the event that the Participant becomes subject to federal, state or local taxes on this Restricted Stock Unit Award before the date that this Restricted Stock Unit Award is paid, the Company shall accelerate the vesting and payment of and shall withhold the number of shares of Stock underlying this Restricted Stock Unit Award (based on the Fair Market Value on the date this Restricted Stock Unit Award becomes subject to such taxes) necessary to satisfy the minimum amount of the taxes required to be 

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withheld, including the payment of federal, state or local taxes on the payment pursuant to this Section 3(d)(iii).
4.    Effect of Certain Events.  
		
	(a)
	Death or Disability.  In the event of the Participant’s Termination of Service due to death or Disability, this Restricted Stock Unit Award will become fully vested, and shall be paid in shares of Stock no later than the later of the end of the year in which the Termination of Service occurs and the 15th day of the third month following the date of the Termination of Service, and neither the Participant nor the Participant’s beneficiaries or heirs shall be permitted, directly or indirectly, to designate the year of payment.  

		
	(b)
	Retirement.  In the event of the Participant’s Termination of Service due to Retirement, this Restricted Stock Unit Award will become fully vested so long as the performance requirement set forth in Step One of Section 1 of this Agreement is satisfied and certified by the Committee, and shall be paid in Shares of Stock no later than the later of (i) the end of the year in which the Termination of Service occurs, (ii) the 15th day of the third month following the date of the Termination of Service, and (iii) the year following the year in which the Grant Date occurs, and the Participant shall not be permitted, directly or indirectly, to designate the year of payment.

		
	(c)
	Change in Control.  If the Participant is covered by the First Niagara Bank Executive Change in Control Severance Plan, as amended, or successor plan or agreement thereto covering the Participant (the “Executive CIC Plan”), on the date of the Termination of Service, then the terms of such Executive CIC Plan as in effect on the date of the Termination of Service shall apply to this Restricted Stock Unit Award.

		
	(d)
	Termination for Cause.  Notwithstanding any other provision in this Agreement, if the Participant’s Service has been terminated for Cause, any unvested shares of Stock under this Restricted Stock Unit Award will expire and be forfeited.

		
	(e)
	Other Termination.  Except as otherwise provided by this Section 4, and except as otherwise provided by the Executive CIC Plan as in effect on the date of the Termination of Service, if the Participant is covered by the Executive CIC Plan on such date, upon the Termination of Service of the Participant, any unvested shares of Stock under this Restricted Stock Unit Award will expire and be forfeited.

5.    Covenants.
		
	(a)
	Unless the Compensation Committee determines otherwise and so advises the Participant in a signed writing, the Participant agrees to comply with this Section 5 while employed by the Company and for the one-year period (an unlimited period for the covenant set forth in Section 5(d) below) immediately following the Participant’s Termination of Service with the Company, regardless of the reason for such Termination of Service. 

		
	(b)
	The Participant shall not, directly or indirectly, either for the Participant’s own benefit or purpose or for the benefit or purpose of any person other than the Company or any of its Subsidiaries, solicit, call on, do business with, or actively interfere with the Company’s or any Subsidiary’s relationship with, or attempt to divert or entice away, any person or entity that the Participant should reasonably know (i) is a customer of the Company or any Subsidiary 

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for which the Company or any Subsidiary provides any services as of the date of the Participant’s Termination of Service; or (ii) was a customer of the Company or any Subsidiary for which the Company or any Subsidiary provided any services at any time during the 12-month period immediately preceding the date of the Participant’s Termination of Service; or (iii) was, as of the date of the Participant’s Termination of Service, considering retention of the Company or any Subsidiary to provide any services.
		
	(c)
	The Participant shall not, directly or indirectly, either for the Participant’s own benefit or purpose or for the benefit or purpose of any person other than the Company or any of its Subsidiaries, employ, or offer to employ, call on, or actively interfere with the Company’s or any Subsidiary’s relationship with, or attempt to divert or entice away, any employee of the Company or any of its Subsidiaries, nor shall the Participant assist any other person in such activities.

		
	(d)
	During the Participant’s employment with the Company or any Subsidiary, and thereafter regardless of the reason for the Termination of Service, the Participant will not disclose or use in any way any confidential business or technical information or trade secret acquired in the course of such employment, all of which is the exclusive and valuable property of the Company and its Subsidiaries, whether or not conceived of or prepared by the Participant, other than:  (i) information generally known to the public; (ii) as required in the course of employment by the Company or Subsidiary; (iii) as required by any court, supervisory authority, administrative agency or applicable law; or (iv) with the prior written consent of the Compensation Committee or  its designee.

		
	(e)
	Upon any breach of the covenants set forth in this Section 5, the Participant agrees and acknowledges that this Restricted Stock Unit Award shall automatically and immediately terminate and become null and void.  In addition, the Participant agrees and acknowledges that a breach of the covenants set forth in this Section 5 will cause the Company and its Subsidiaries irreparable harm, and that the Company and its Subsidiaries will therefore be entitled to issuance of immediate, as well as permanent, injunctive relief restraining the Participant, and each and every person and entity acting in concert or participating with the Participant, from initiation and/or continuation of such breach.  The Participant further understands and agrees that for the purpose of fashioning an appropriate injunctive remedy, the time period of the covenants set forth in this Section 5 shall be extended by any time period the Participant is found to be in breach of said covenants.  In the event any of this Section 5 is determined by a court of competent jurisdiction to be unenforceable because unreasonable either as to length of time or area to which said restriction applies, it is the intent of the Participant and the Company and its Subsidiaries that said court reduce and reform the provisions thereof so as to apply to the greatest limitations considered enforceable by the court.

6.    Miscellaneous.
		
	(a)
	Delivery of shares of Stock under this Restricted Stock Unit Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

		
	(b)
	This Restricted Stock Unit Award will be adjusted upon the occurrence of the events specified in Section 3.3 of the Plan.

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	(c)
	This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

		
	(d)
	Prior to vesting, this Restricted Stock Unit Award may not be sold, encumbered, hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

		
	(e)
	This Restricted Stock Unit Award will be governed by and construed in accordance with the laws of the State of Delaware. 

		
	(f)
	The granting of this Restricted Stock Unit Award does not confer upon the Participant any right to be retained in the Service of the Company or any Subsidiary.

		
	(g)
	In the event of any conflict among the provisions of the Plan and this Agreement, the provisions of the Plan will be controlling and determinative. 

		
	(h)
	The Participant’s rights, payments and benefits with respect to this Restricted Stock Unit Award shall be subject to reduction, cancellation, forfeiture or recoupment pursuant to Section 7.17 of the Plan.

		
	(i)
	Notwithstanding any other provision of the Plan or this Agreement to the contrary, in order to comply with Section 10D of the Securities Exchange Act of 1934, as amended, and any regulations promulgated, or national securities exchange listing conditions adopted, with respect thereto (collectively, the “Clawback Requirements”), if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirements under the securities laws, then the Participant shall return to the Company, or forfeit if not yet paid, the shares of Stock under this Restricted Stock Unit Award received during the three-year period preceding the date on which the Company is required to prepare the accounting restatement, based on the erroneous data, in excess of the number of shares that would have vested based on the accounting restatement, as determined by the Committee, in accordance with the Clawback Requirements and any policy adopted by the Committee pursuant to the Clawback Requirements.

		
	(j)
	Any actions by the Company under this Agreement or the Plan must comply with the law, including regulations and other interpretive action, of the Federal Deposit Insurance Act, Federal Deposit Insurance Corporation, or other entities that supervise any of the activities of the Company.  Specifically, any payments to the Participant by the Company, whether pursuant to this Agreement, the Plan or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

		
	(k)
	This Restricted Stock Unit Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of Stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

		
	(l)
	The Committee will have the authority and discretion to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan.  Any interpretation of 

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the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons.
		
	(m)
	This Restricted Stock Unit Award and the Dividend Equivalents are intended to comply with or be exempt from the provisions of Section 409A of the Code, and the treasury regulations promulgated and other official guidance issued thereunder (collectively, “Section 409A”), and this Agreement will be administered and interpreted consistent with such intention.  Notwithstanding any other provision of this Agreement, in the event that the Participant is a “specified employee” for purposes of Section 409A, any payment to the Participant pursuant to this Agreement that is required to be delayed by six-months by Section 409A shall instead be made on the first day of the month following the expiration of such six-month period.

IN WITNESS WHEREOF, the Company has executed this Agreement effective as of the Grant Date.                        
                        	
			
	 
	FIRST NIAGARA FINANCIAL GROUP, INC.
	 

	 
	 
	 

	By:
	/s/ Gary M. Crosby
	 

	 
	Gary M. Crosby
	 

	 
	President and CEO
	 

6May 2015 Amendment

EX 10.1

EIGHTH AMENDMENT

TO

CREDIT AGREEMENT

Dated as of May 1, 2015

among

NEW SOURCE ENERGY PARTNERS L.P.,
as Borrower,

BANK OF MONTREAL,
as Administrative Agent,

ASSOCIATED BANK, N.A.,
as Syndication Agent,

and

THE LENDERS PARTY HERETO

EX 10.1

EIGHTH AMENDMENT TO CREDIT AGREEMENT
THIS EIGHTH amendment to Credit Agreement (this “Eighth Amendment”) dated as of May 1, 2015, is among New source energy PARTNERS L.P., a Delaware limited partnership, (the “Borrower”); each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and bank of montreal, 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.    WHEREAS, the Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of February 13, 2013 (as amended by the First Amendment to Credit Agreement dated as of February 28, 2013, the Second Amendment to Credit Agreement dated as of June 25, 2013, the Third Amendment to Credit Agreement dated as of October 29, 2013, the Fourth Amendment to Credit Agreement dated as of November 12, 2013, the Fifth Amendment to Credit Agreement dated as of March 10, 2014, the Sixth Amendment to Credit Agreement dated as of August 15, 2014 and the Seventh Amendment to Credit Agreement dated as of April 27, 2015, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 
B.    The Borrower has requested and the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement.
C.    NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Eighth 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.  Unless otherwise indicated, all section, exhibit and schedule references in this Eighth Amendment refer to sections, exhibits or schedules of the Credit Agreement.

Section 2.Amendment to the Credit Agreement.

2.1Amendments to Section 1.02. 

(a)The following definition is hereby amended and restated in its entirety to read as follows:

“Agreement” means this Credit Agreement, as amended by the First Amendment to Credit Agreement dated as of February 28, 2013, the Second Amendment to Credit Agreement dated as of June 25, 2013, the Third Amendment to Credit Agreement dated as of October 29, 2013, the Fourth Amendment to Credit Agreement dated as of November 12, 2013, the Fifth Amendment to Credit Agreement dated as of March 10, 2014, the Sixth Amendment to Credit Agreement dated as of August 15, 2014, the Seventh Amendment to Credit Agreement dated as of April 27, 2015 and the Eighth Amendment to Credit Agreement dated as of May 1, 2015, as the same may from time to time be amended, modified, supplemented or restated. 

EX 10.1

(b)The following new definitions are hereby added where alphabetically appropriate to read as follows:

“Preferred Equity Interests” means the cumulative convertible preferred Equity Interests of the Borrower (which for the avoidance of doubt do not constitute Disqualified Capital Stock) to be issued during May 2015 pursuant to a registered SEC offering on Form S-3 and in accordance with the terms of the Borrower Partnership Agreement.
“Eighth Amendment” means that certain Eighth Amendment to Credit Agreement dated as of May 1, 2015 among the Borrower, the Administrative Agent and the Lenders party thereto.
Section 3.Amendments to Section 9.04.  Section 9.04 is hereby amended by (a) deleting the word “and” prior to “(iv)” and (b) amending and restating Section 9.04(iv) to read as follows:
        
(iv)  the Borrower may declare and pay cash distributions to the holders of its common Equity Interests in an amount not to exceed “Available Cash” (as such term is defined in the Borrower Partnership Agreement) pursuant to and in accordance with the terms of the Borrower Partnership Agreement, if, both before and immediately after giving effect thereto, (A) no Default or Event of Default has occurred and is continuing or would result therefrom, and (B) the Borrowing Base Utilization Percentage does not exceed 90% and (v) the Borrower may declare and pay cumulative quarterly cash dividends to the holders of its Preferred Equity Interests in accordance with the terms of the Preferred Equity Interests in an aggregate amount in any calendar year not to exceed $6,000,000, if, both before and immediately after giving effect thereto, no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing or would result therefrom.
Section 4.Conditions Precedent.  This Eighth Amendment shall become effective on the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Eighth Amendment Effective Date”):

4.1The 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 Eighth Amendment signed on behalf of such Person.

4.2No Default shall have occurred and be continuing as of the Eighth Amendment Effective Date.
    
The Administrative Agent is hereby authorized and directed to declare this Eighth Amendment to be effective (and the Eighth Amendment Effective Date shall occur) when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 5.Amendment to Consent Letter.  Reference is made to that certain letter dated April 8, 2015 among the Borrower, the Administrative Agent and the Lenders party thereto which relates to, among other things, postponement of the April 1, 2015 Scheduled Redetermination until May 1, 2015 (such letter, 

EX 10.1

the “Consent Letter”).  The second paragraph of the Consent Letter is hereby amended and restated in its entirety to read as follows:

Pursuant to Section 12.02(b)(ii), the Borrower has requested that the Lenders postpone, and the Lenders do hereby postpone, the April 1, 2015 Scheduled Redetermination until the earlier of (a) the date the Borrower applies net cash proceeds from the Preferred Equity Issuance (as defined in the Eighth Amendment) to prepay Revolving Credit Exposures as provided in Section 7 of the Eighth Amendment (such date, the “Proceeds Payment Date”) and (b) May 8, 2015, such that the new Borrowing Base resulting from such redetermination (the “Postponed Scheduled Redetermination”) shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders on the earlier of (a) the Proceeds Payment Date and (b) May 8, 2015 (or such later date pursuant to Section 2.07(d)) (the earlier of (a) the Proceeds Payment Date or (b) May 8, 2015 (or such later date pursuant to Section 2.07(d)), the “Postponed Scheduled Redetermination Date”).  For the avoidance of doubt, the provisions of Section 2.07 shall apply to the Postponed Scheduled Redetermination, and for this purpose, the Administrative Agent shall propose the Proposed Borrowing Base on or before April 15, 2015.
Section 6.Section 13.1 of the Seventh Amendment.  The parties hereto agree that the waiver contained in Section 13.1 of the Seventh Amendment is null and void and no longer in force and effect.

Section 7.Proceeds Payment.  The Borrower has advised the Administrative Agent and the Lenders that it intends to issue units of Preferred Equity Interests (which does not constitute Disqualified Capital Stock) (such issuance, the “Preferred Equity Issuance”).  As consideration for the agreements of the Lenders contained in this Eighth Amendment, the Borrower hereby covenants that it shall apply the net cash proceeds received by the Borrower in connection with the Preferred Equity Issuance to prepay the total Revolving Credit Exposures with such prepayment being made on the same day that the Borrower receives the proceeds from the Preferred Equity Issuance; provided that in no event shall such net cash proceeds be required to be applied to prepay the total Revolving Credit Exposures by more than an amount necessary, such that immediately after giving effect to such prepayment, the total Revolving Credit Exposures is an amount equal to the lesser of (i) $54,000,000 and (b) 90% of the Borrowing Base then in effect (which, for the avoidance of doubt, shall be the Borrowing Base from and after the Postponed Scheduled Redetermination Date (as defined in the Consent Letter, as amended by this Eighth Amendment)).  

Section 8.Affirmative Covenant Regarding Swap Agreements.  If, on or before the October 1, 2015 Scheduled Redetermination Date, the Borrower Liquidates all or any portion of the Borrower’s Swap Agreements which are in effect on the Eighth Amendment Effective Date (each date upon which any Swap Agreement is Liquidated, a “Liquidation Date”), then on or before 30 days following each Liquidation Date, the Borrower shall deliver to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent that the Borrower has entered into Swap Agreements (for the avoidance of doubt, whether before or after such  Liquidation Date, but excluding the Swap Agreements Liquidated on each Liquidation Date) with one or more Approved Counterparties for each of the then remaining months of calendar year 2015 hedging at least 30% of the reasonably anticipated projected production from proved, developed, producing Oil and Gas Properties based on the most recently delivered Reserve Report for each of (a) crude oil and natural gas liquids, calculated on a combined basis, and (b) natural gas, calculated separately.  The failure by the Borrower to comply with the requirements of this Section 8 shall constitute an immediate Event of Default.

Section 9.Payment of Consenting Lender Fees.  On the Postponed Scheduled Redetermination Date, the Borrower shall pay a consent fee payable for the account of each Lender that has returned an 

EX 10.1

executed signature page hereto to the Administrative Agent on or prior to 5:00 pm (central time) May 1, 2015 (each such Lender, a “Consenting Lender”) in an amount equal to $15,000 times the number of Consenting Lenders such that each Consenting Lender is paid a consent fee equal to $15,000.  The failure by the Borrower to comply with the requirements of this Section 9 shall constitute an immediate Event of Default.

Section 10.Miscellaneous.

10.1Confirmation.  The provisions of the Credit Agreement, as amended by this Eighth Amendment, shall remain in full force and effect following the effectiveness of this Eighth Amendment.

10.2Ratification and Affirmation; Representations and Warranties.  The Borrower hereby (a) acknowledges the terms of this Eighth Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability 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; (c) agrees that from and after the Eighth Amendment Effective Date each reference to the Credit Agreement in the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Eighth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Eighth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, 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 in all material respects as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing, and (iii) no event, development or circumstance has occurred which individually or in the aggregate has resulted in, or could reasonably be expected to have, a Material Adverse Effect.

10.3Counterparts.  This Eighth 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 Eighth Amendment by telecopy, facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

10.4No Oral Agreement.  This Eighth 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.

10.5GOVERNING LAW.  This Eighth Amendment (including, but not limited to, the validity and enforceability hereof) shall be governed by, and construed in accordance with, the laws of the State of Texas.

10.6Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, 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 Eighth 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.

10.7Severability.  Any provision of this Eighth 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.

EX 10.1

10.8Successors and Assigns.  This Eighth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

[SIGNATURES BEGIN NEXT PAGE]

EX 10.1

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

BORROWER:                NEW SOURCE ENERGY PARTNERS L.P.
By: New Source Energy GP, LLC, its general        partner

By:     /s/ Kristian B. Kos                
Name: Kristian B. Kos
Title:   Chairman and Chief Executive Officer

		
	ADMINISTRATIVE AGENT:
	BANK OF MONTREAL, as Administrative Agent and Issuing Bank 

By:     /s/ Gumaro Tijerina                    
Name: Gumaro Tijerina
Title:   Managing Director

LENDERS:                    BMO HARRIS FINANCING, INC., as a Lender

By:     /s/ Gumaro Tijerina                    
Name: Gumaro Tijerina
Title:   Managing Director

ASSOCIATED BANK, N.A., as a Lender

By:     /s/ Timothy Brendel                    
Name: Timothy Brendel
Title:   Senior Vice President

EX 10.1

COMMONWEALTH BANK OF AUSTRALIA,
as a Lender

By:     /s/ Jonathan Verlander                    
Name: Jonathan Verlander
Title:   Head of Reserve Based Lending, Americas

SOCIETE GENERALE, as a Lender

By:                         
Name: 
Title:   

CIT FINANCE LLC, as a Lender

By:     /s/ Andrew Giangrave                    
Name: Andrew Giangrave
Title:   Managing Director

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