Document:

EX-10.1

 Exhibit 10.1 

ISDA® 

International Swaps and Derivatives Association, Inc. 
 NOVATION AGREEMENT 
 dated as of March 13, 2013 among: 

MORGAN STANLEY CAPITAL GROUP INC. (the “Remaining Party”),  

SANDRIDGE ENERGY, INC. (the “Transferor”) 

AND 

SANDRIDGE PERMIAN TRUST (the “Transferee”). 
 The Transferor and the Remaining Party have entered into one or more Transactions as identified in the attached Annex A-2 (each an “Old Transaction”), each evidenced by a Confirmation (an
“Old Confirmation”) attached hereto subject to an ISDA Master Agreement dated as of February 22, 2008 (the “Old Agreement”). 
 The Remaining Party and the Transferee have entered into an ISDA Master Agreement dated as of August 19, 2011 (the “New Agreement”). 

With effect from and including April 1, 2013 (the “Novation Date”) the Transferor wishes to transfer by novation to the Transferee,
and the Transferee wishes to accept the transfer by novation of, all the rights, liabilities, duties and obligations of the Transferor under and in respect of the Old Transactions insofar as they cover the volumes identified in the attached Annex
A-1 (the “Transferred Volumes”), with the effect that the Remaining Party and the Transferee enter into new transactions (each a “New Transaction”) between them and otherwise having economic terms identical to those
of the Old Transactions to the extent of the Transferred Volumes, as more particularly described below. The daily Notional Quantity for each New Transaction shall bear the same proportion to the daily Notional Quantity of the related Old Transaction
as the Transferred Volumes for such New Transaction has to the total Notional Quantity of the Old Transaction. 
 The Remaining Party wishes to
accept the Transferee as its sole counterparty with respect to the New Transactions. 
 The Transferor and the Remaining Party wish to have
released and discharged, as a result and to the extent of the transfer described above, their respective obligations under and in respect of the Old Transactions. 
 Accordingly, the parties agree as follows: — 
  

	1.	Definitions. 

 Terms defined in the ISDA
Master Agreement as published in 2002 by the International Swaps and Derivatives Association, Inc., (the “2002 ISDA Master Agreement”) are used herein as so defined, unless otherwise provided herein. 

 

	2.	Transfer, Release, Discharge and Undertakings. 

 With effect from and including the Novation Date and in consideration of the mutual representations, warranties and covenants contained in this Novation Agreement and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged by each of the parties) and limited, in each case, to the extent they relate to the Transferred Volumes: 
  

	 	(a)	 the Remaining Party and the Transferor are each released and discharged from further obligations to each other with respect to the Old Transactions
(insofar as they related to the Transferred 

	 	
Volumes) and their respective rights against each other thereunder are cancelled, provided that such release and discharge shall not affect any rights, liabilities or obligations of the parties
on or prior to the Novation Date but remaining unpaid or unperformed on the Novation Date, and all such payments and obligations shall be paid or performed by the Remaining Party or the Transferor in accordance with the terms of the Old Transaction;

  

	 	(b)	in respect of the New Transactions, the Remaining Party and the Transferee each undertake liabilities and obligations towards the other and acquire rights against each
other identical in their terms to each corresponding Old Transaction insofar as they related to the Transferred Volumes (and, for the avoidance of doubt, as if the Transferee were the Transferor and with the Remaining Party remaining the Remaining
Party, save for any rights, liabilities or obligations with respect to payments or other obligations due and payable or due to be performed between the Remaining Party and the Transferor on or prior to the Novation Date); and

  

	 	(c)	each New Transaction shall be governed by and form part of the New Agreement and the relevant Old Confirmation (which, in conjunction and as deemed modified consistent
with this Novation Agreement to include only the Transferred Volumes, shall be deemed to be a Confirmation between the Remaining Party and the Transferee), and the offices of the Remaining Party and the Transferee for purposes of each New
Transaction shall be the New York office and Austin, Texas office, respectively. The Old Confirmations shall be deemed modified consistent with this Novation Agreement to exclude the Transferred Volumes. 

 

	3.	Representations and Warranties. 

  

	 	(a)	On the date of this Novation Agreement and on the Novation Date: 

  

	 	(i)	Each of the parties makes to each of the other parties those representations and warranties set forth in Section 3(a) of the 2002 ISDA Master Agreement with
references in such Section to “this Agreement” or “any Credit Support Document” being deemed references to this Novation Agreement alone. 

 

	 	(ii)	The Remaining Party and the Transferor each makes to the other, and the Remaining Party and the Transferee each makes to the other, the representation set forth in
Section 3(b) of the 2002 ISDA Master Agreement, in each case with respect to the Old Agreement or the New Agreement, as the case may be, and taking into account the parties entering into and performing their obligations under this Novation
Agreement. 

  

	 	(iii)	Each of the Transferor and the Remaining Party represents and warrants to each other and to the Transferee that: 

 

	 	(A)	it has made no prior transfer (whether by way of security or otherwise) of the Old Agreement or any interest or obligation in or under the Old Agreement or in respect
of the Old Transactions; and 

  

	 	(B)	as of the Novation Date, all obligations of the Transferor and the Remaining Party under the Old Transactions required to be performed on or before the Novation Date
have been fulfilled. 

  

	 	(b)	The Transferor makes no representation or warranty and does not assume any responsibility with respect to the legality, validity, effectiveness, adequacy or
enforceability of any New Transaction or the New Agreement or any documents relating thereto and assumes no responsibility for the condition, financial or otherwise, of the Remaining Party, the Transferee or any other person or for the performance
and observance by the Remaining Party, the Transferee or any other person of any of its obligations under any New Transaction or the New Agreement or any document relating thereto and any and all such conditions and warranties, whether express or
implied by law or otherwise, are hereby excluded. 

  
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	4.	Counterparts. 

 This
Novation Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 

 

	5.	Costs and Expenses. 

 The
parties will each pay their own costs and expenses (including legal fees) incurred in connection with this Novation Agreement and as a result of the negotiation, preparation and execution of this Novation Agreement. 

 

	6.	Amendments. 

 No
amendment, modification or waiver in respect of this Novation Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or
electronic messages on an electronic messaging system. 
  

	7.	(a)     Governing Law. 

 This Novation Agreement will be governed by and construed in accordance with the laws of the State of New York without reference to the conflict of laws provisions thereof. 

 

	 	(b)	Jurisdiction. 

 The terms
of Section 13(b) of the 2002 ISDA Master Agreement shall apply to this Novation Agreement with references in such Section to “this Agreement” being deemed references to this Novation Agreement alone. 

  
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 IN WITNESS WHEREOF the parties have executed this Novation Agreement on the respective dates specified below
with effect from and including the Novation Date. 
  

									
	MORGAN STANLEY CAPITAL GROUP INC.	 		 		 	SANDRIDGE ENERGY, INC.
	 (Name of Remaining Party)
	 		 		 	 (Name of Transferor)

					
	By:	 	 /s/ Deborah L. Hart
	 		 	By:	 	 /s/ Trent M. Richey

	Name:	 	Deborah L. Hart	 		 	Name:	 	Trent M. Richey
	Title:	 	Vice President	 		 	Title:	 	Vice President and Treasurer
	Date:	 	March 14, 2013	 		 	Date:	 	March 13, 2013

  

			
	SANDRIDGE PERMIAN TRUST
	 (Name of Transferee)

	
	 By:  The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	By:	 	 /s/ Michael J. Ulrich

	Name:	 	Michael J. Ulrich
	Title:	 	Vice President
	Date:	 	March 13, 2013

  
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 ANNEX A-1 

 

											
	 Confirmation

Reference No.
	 	 Period Covered
	 	 Transferred

Volumes (Bbls/d)
	 	 Transferred Total
Volumes (Bbls)
	 	 Volumes Remaining in
the Old
Transaction
(Bbls/d)
	 	 Total Volumes
Remaining in the Old
Transaction
(Bbls)

	 T78071687-2
	 	4/1/13 - 6/30/13	 	918.1858	 	83,555	 	991.4351	 	90,221
	 T78071689-2
	 	7/1/13 - 9/30/13	 	747.5224	 	68,772	 	1,282.4896	 	117,989
	 T78076046-2
	 	10/1/13 -12/31/13	 	643.7092	 	59,221	 	1,472.2712	 	135,449
	 T78071713-2
	 	1/1/14 - 3/31/14	 	581.1706	 	52,305	 	1,914.1127	 	172,270
	 T78071717-2
	 	4/1/14 - 6/30/14	 	518.9022	 	47,220	 	2,056.3890	 	187,131
	 T78071782-2
	 	7/1/14 - 9/30/14	 	469.5397	 	43,198	 	2,176.1168	 	200,203
	 T78071785-2
	 	10/1/14 -12/31/14	 	434.3822	 	39,963	 	2,261.6689	 	208,074
	 T78071828-2
	 	1/1/15 - 4/31/15	 	413.8121	 	37,243	 	1,807.6723	 	162,691

  
 5EX-4.1

 Exhibit 4.1 
 I.D. Control # 13000163 
 License # 04/04-5240 

DEBENTURE 

***************** 
 $
3,000,000.00 (the “Original Principal Amount”) 
 03/01/2023 (the “Maturity Date”) 

PMC Investment Corporation (the “Company”) 
 17950 Preston Road Suite 600     Dallas, TX.     75252 
     (Street)
                    (City)                
(State)     (Zip) 
 PART I – PERIOD SPECIFIC TERMS 

 

	 	A.	Applicable for the Scheduled Interim Period (and New Interim Periods, as applicable) 

 Interest rate per annum for the Scheduled Interest Period: 0.494%. 
 Annual Charge
applicable to the Scheduled Interim Period: .515% per annum 
 Date of Issuance: 3-04-13 

Scheduled Pooling Date: 3-27-13 
  

			
	Scheduled Interim Period:	  	 from and including the Date of Issuance
 to but excluding the Scheduled Pooling Date

  
 The following italicized terms will apply if
the Interim Period is extended by SBA: 
  

									
	 New interest rate(s) per annum
	  	(a)            %	  	(b)            %	  	(c)            %
	 New Annual Charge per annum
	  	(a)            %	  	(b)            %	  	(c)            %
	 New Pooling Date(s):
	  	(a)               	  	(b)               	  	(c)               
	 New Interim Period(s):
	 	 from and including:

to but excluding:
	  	
(a)               

(a)               
	  	
(b)               

(b)               
	  	
(c)               

(c)               

 The Company, for value received, promises to pay to JPMorgan Chase Bank N.A., as Custodian (the “Custodian”)
for the U.S. Small Business Administration (“SBA”) and SBIC Funding Corporation (the “Funding Corporation”), pursuant to the Custody and Administration Agreement (the “Custody Agreement”) dated as of April 27, 1998
among SBA, the Funding Corporation, the Federal Home Loan Bank of Chicago, as Interim Funding Provider (the “Interim Funding Provider”), and the Custodian, as amended,: (i) interest on the Original Principal Amount listed above at the
applicable rate per annum listed above, and (ii) an Annual Charge on the Original Principal Amount listed above at the applicable rate per annum listed above, each at such location as SBA, as guarantor of this Debenture, may direct and each at
the related rate per annum identified for the Scheduled Interim Period (and each New Interim Period, if any). 

  
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 This Debenture will bear interest for, and the Annual Charge will apply to, the Scheduled Interim Period
(and for each New Interim period, if any) at the rate(s) and for the applicable period(s) indicated above, to be paid in arrears by 1:00 p.m. (New York City time) on the Business Day prior to the Scheduled Pooling Date (and each New Pooling Date, if
any) listed above. As used throughout this Debenture, “Business Day” means any day other than: (i) a Saturday or Sunday; (ii) a legal holiday in Washington, D.C.; and (iii) a day on which banking institutions in New York
City are authorized or obligated by law or executive order to be closed. Interest on this Debenture and the Annual Charge for the Scheduled Interim Period (and each New Interim Period, if any) will each be computed on the basis of the actual number
of days in the applicable Interest Period divided by 360. The Company may not prepay this Debenture, in whole or in part, during the Scheduled Interim Period or any New Interim Period. 

 

	 	B.	This Section B. is effective only after (i) the Scheduled Interim Period and any New Interim Period(s) expire and (ii) the Custodian receives this
Debenture for pooling. 

 The Company, for value received, promises to pay to the order of JPMorgan Chase
Bank N.A., acting as Trustee (the “Trustee”) under that certain Amended and Restated Trust Agreement dated as of February 1, 1997, as the same may be amended from time to time, by and among the Trustee, the SBA and SBIC Funding
Corporation, as the Holder hereof, interest semiannually on March 1st and September 1st (the “Payment Dates”) of each year, at such location as SBA, as guarantor of this Debenture, may direct a the rate of 2.351% per annum (the “Stated Interest Rate”), and to
pay a .515% per annum fee (the “Annual Charge”) to SBA on each Payment Date, each calculated on the basis of a year of 365 day, for the actual number of days elapsed (including the first day but excluding the last day), on the
Original Principal Amount from the last day of the Interim Period until payment of such Original Principal Amount has been made or duly provided for. The Company shall deposit all payments with respect to this Debenture not later than 12:00 noon
(New York City time) on the applicable Payment Date or the next Business Day if the Payment Date if not a Business Day, all as directed by SBA. 

The Company may elect to prepay this Debenture, in whole and not in part, on any Payment Date, in the manner and at the price as next described. The
prepayment price (the “Prepayment Price”) must be an amount equal to the Original Principal Amount, plus interest accrued and unpaid thereon to the Payment Date selected for prepayment together with the accrued and unpaid Annual Charge
thereon to the Payment Date selected for prepayment. 
 The amount of the Prepayment Price must be sent to SBA or such agent as SBA may direct,
by wire payment in immediately available funds, not less than three Business Days prior to the regular Payment Date. Until the Company is notified otherwise in writing by SBA, any Prepayment Price must be paid to the account maintained by the
Trustee, entitled by the SBA Prepayment Subaccount and must include an identification of the Company by name and SBA-assigned license number, the loan number appearing on the face of this Debenture, and such other information as SBA or its agent may
specify. 

  
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 II. — GENERAL TERMS 
 For value received, the Company promises to pay to the order of the Trustee the Original Principal Amount on the Maturity Date at such location as SBA, as guarantor of this Debenture, may direct.

 This Debenture is issued by the Company and guaranteed by SBA, pursuant and subject to Section 303 of the Small Business Investment Act
of 1958, as amended (the “Act”) (15 U.S.C. Section 683). This Debenture is subject to all of the regulations promulgated under the Act, as amended from time to time, provided, however, that 13 C.F.R. Sections 107.1810 and 107.1830
through 107.1850 as in effect on the date of this Debenture are incorporated in this Debenture as if fully set forth. If this Debenture is accelerated, then the Company promises to pay an amount equal to the Original Principal Amount of this
Debenture, plus interest and Annual Charge accrued and unpaid thereon to but excluding the next Payment Date following such acceleration. 

This Debenture is deemed issued in the District of Columbia as of the day, month, and year first stated above. The terms and conditions of this Debenture
must be construed in accordance with, and its validity and enforcement governed by, federal law. 
 The warranties, representations, or
certification made to SBA on any SBA Form 1022 or any application letter of the Company for an SBA commitment related to this Debenture, and any documents submitted in connection with the issuance of this Debenture, are incorporated in this
Debenture as if fully set forth. 
 Should any provision of this Debenture or any of the documents incorporated by reference in this Debenture
be declared illegal or unenforceable by a court of competent jurisdiction, the remaining provisions will remain in full force and effect and this Debenture must be construed as if such provisions were not contained in this Debenture. 

All notices to the Company which are required or may be given under this Debenture shall be sufficient in all respects if sent to the above-noted address
of the Company. For the purposes of this Debenture, the Company may change this address only upon approval of SBA. 

  
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 COMPANY ORGANIZED AS CORPORATION 
 IN WITNESS WHEREOF, the Company has caused this debenture to be signed by its duly authorized officer and its corporate seal to be hereunto affixed and attested by its Secretary or Assistant Secretary as
of the date of issuance stated above. 
 CORPORATE SEAL 

 

			
	 PMC Investment Corporation

		 	 (Name of Licensee)

		
	 By:
	 	 /s/ Jan F. Salit

		 	 Jan F. Salit, President

		 	 (Typed Name and Title)

 ATTEST: 
  

	
	 /s/ Barry N. Berlin

	 XXXXXX Assistant

	     Secretary (Strike One)

	         Barry N. Berlin

  
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