Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO CREDIT AND SECURITY AGREEMENT (TERM LOAN) 

This AMENDMENT NO. 1 TO CREDIT AND SECURITY AGREEMENT (TERM LOAN) (this “Agreement”) is made as
April 18, 2018, by and among SIENTRA, INC., a Delaware corporation, MIRADRY HOLDINGS, INC., a Delaware corporation (formerly known as Miramar Labs, Inc.), MIRADRY, INC., a Delaware corporation (formerly known as Miramar
Technologies, Inc.), MIDCAP FINANCIAL TRUST, as Agent (in such capacity, together with its successors and assigns, “Agent”) and the other financial institutions or other entities from time to time parties to the Credit
Agreement referenced below, each as a Lender. 
 RECITALS 

A.    Agent, Lenders and Borrower have entered into that certain Credit and Security Agreement (Term
Loan), dated as of July 25, 2017 (as amended by that certain Limited Waiver of Certain Post-Closing Obligations, dated as of November 27, 2017, and as further amended, modified, supplemented prior to the date hereof, the “Original
Credit Agreement”, and as the same is amended hereby and as it may be further amended, modified, supplemented and restated from time to time, the “Credit Agreement”), pursuant to which the Lenders have agreed to extend
certain financial accommodations to Borrower in the amounts and manner set forth in the Credit Agreement. 

B.    Borrower has requested, and Agent and Lenders constituting at least the Required Lenders have agreed
to, inter alia, (i) extend the date set forth in Section 7.2(f) of the Original Credit Agreement from March 31, 2018 to April 30, 2018 and (ii) update certain schedules of the Original Credit Agreement, in each case,
in accordance with the terms and subject to the conditions set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Agreement, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders constituting Required Lenders and Borrower hereby agree as follows: 

1.    Recitals. This Agreement shall constitute a Financing Document and the Recitals and
each reference to the Credit Agreement, unless otherwise expressly noted, will be deemed to reference the Credit Agreement as amended hereby. The Recitals set forth above shall be construed as part of this Agreement as if set forth fully in the body
of this Agreement and capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (including those capitalized terms used in the Recitals hereto). 

2.    Amendment to Original Credit Agreement. Subject to the terms and conditions of this
Agreement, including, without limitation, the conditions to effectiveness set forth in Section 4 below, the Original Credit Agreement is hereby amended as follows: 

(a)    Section 1.1 of the Original Credit Agreement is hereby amended by adding the following new defined
terms in alphabetical order therein: 
 “First Amendment” means that certain Amendment No. 1 to Credit
and Security Agreement (Term Loan), dated as of April 18, 2018, by and among Borrowers, Agent and Required Lenders. 

“First Amendment Effective Date” means the date on which all of the conditions in Section 4 of the First
Amendment have been satisfied in accordance with the terms thereof. 

 (b)    Section 3.25(c) of the Original Credit Agreement is
hereby amended and restated in its entirety as follows: 
 “No Borrower is participating in any Medicare program or
Medicaid program or any other Third Party Payor Program that is material to Borrower’s business.” 1 

(c)    Section 3.25(e) of the Original Credit Agreement is hereby amended by adding the phrase
“Except as set forth on Schedule 3.25 on the First Amendment Effective Date,” at the beginning thereof. 

(d)    Section 3.25(h) of the Original Credit Agreement is hereby amended by adding the phrase
“Except as set forth on Schedule 3.25 on the First Amendment Effective Date,” at the beginning thereof. 

(e)    Section 7.2(f) of the Original Credit Agreement is hereby amended by replacing “March 31,
2018” with “April 30, 2018”. 
 (f)    Schedule 3.19 of the Original Credit Agreement is
hereby replaced in its entirety by the new Schedule 3.19 attached hereto. 
 (g)    The new Schedule
3.25 attached hereto is hereby added to the Original Credit Agreement in numerical order therein. 

(h)    Schedule 4.17 of the Original Credit Agreement is hereby replaced in its entirety by the new
Schedule 4.17 attached hereto.2 

3.    Representations and Warranties; Reaffirmation of Security Interest. Each
Borrower hereby confirms that all of the representations and warranties set forth in the Credit Agreement are true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty)
with respect to such Borrower as of the date hereof except to the extent that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true and correct as of such earlier date. Each
Borrower confirms and agrees that all security interests and Liens granted to Agent continue in full force and effect, and that all Collateral remains free and clear of any Liens, other than Permitted Liens. Nothing herein is intended to impair or
limit the validity, priority or extent of Agent’s security interests in and Liens on the Collateral. Each Borrower acknowledges and agrees that the Credit Agreement, the other Financing Documents and this Agreement constitute the legal, valid
and binding obligation of such Borrower, and are enforceable against such Borrower in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of
creditors’ rights generally and by general equitable principles. 
 4.    Conditions to
Effectiveness. This Agreement shall become effective as of the date on which each of the following conditions has been satisfied, as determined by Agent in its sole discretion: 

(a)    Borrower shall have delivered to Agent this Agreement, executed by an authorized officer of
Borrower; 
  

	1 	 Note to draft: to be discussed if participation in third party payor programs is material to Sientra’s
business. 

	2 	 Note to draft: 4.1(e) and 4.9(b) require notice only, which at this point has been provided. No need to update
schedules for rep purposes. 

  
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 (b)    all representations and warranties of Borrower
contained herein shall be true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) as of the date hereof except to the extent that any such representation or warranty
relates to a specific date in which case such representation or warranty shall be true and correct as of such earlier date (and such parties’ delivery of their respective signatures hereto shall be deemed to be its certification thereof); 

(c)    prior to and after giving effect to the agreements set forth herein, no Default or Event of Default
shall exist under any of the Financing Documents; and 
 (d)    Borrower shall have delivered such other
documents, information, certificates, records, permits, and filings as the Agent may reasonably request in connection with this Agreement. 

5.    Release. In consideration of the agreements of Agent and Required Lenders contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Borrower, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself
and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of its respective current and former directors, officers, shareholders, agents, and employees, and each of its respective
predecessors, successors, heirs, and assigns (individually and collectively, the “Releasing Parties”) does hereby fully and completely release, acquit and forever discharge each of Agent, Lenders, and each their respective parents,
subsidiaries, affiliates, members, managers, shareholders, directors, officers and employees, and each of their respective predecessors, successors, heirs, and assigns (individually and collectively, the “Released Parties”), of and from
any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or
contingent, choate or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Released Parties or any of them (whether directly or indirectly), based in whole or in part on facts, whether or not now known, existing on
or before the date hereof, that relate to, arise out of or otherwise are in connection with: (i) any or all of the Financing Documents or transactions contemplated thereby or any actions or omissions in connection therewith or (ii) any
aspect of the dealings or relationships between or among such Borrower, on the one hand, and any or all of the Released Parties, on the other hand, relating to any or all of the documents, transactions, actions or omissions referenced in clause
(i) hereof. Each Borrower acknowledges that the foregoing release is a material inducement to Agent’s and Required Lender’s decision to enter into this Agreement and agree to the modifications contemplated hereunder, and has been
relied upon by Agent and Required Lenders in connection therewith. 
 6.    No Waiver or
Novation. The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided in this Agreement, operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of
the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing. Nothing herein is intended or shall be construed as a waiver of any existing Defaults or
Events of Default under the Credit Agreement or the other Financing Documents or any of Agent’s rights and remedies in respect of such Defaults or Events of Default. This Agreement (together with any other document executed in connection
herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement. 

7.    Affirmation. Except as specifically amended pursuant to the terms hereof, each
Borrower hereby acknowledges and agrees that the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all
respects by such Borrower. Each Borrower covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement and the Financing 

  
 3 

 
Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent’s or any Lender’s part which might otherwise constitute or be construed
as a waiver of or amendment to such terms, covenants and conditions. 

8.    Miscellaneous. 

(a)    Reference to the Effect on the Credit Agreement. Upon the effectiveness of this Agreement,
each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of similar import shall mean and be a reference to the Credit Agreement, as amended by this Agreement.
Except as specifically amended above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall remain in full force and effect, and are hereby ratified and confirmed in all respects
by each Borrower. 
 (b)    GOVERNING LAW. THIS AGREEMENT AND ALL DISPUTES AND OTHER MATTERS
RELATING HERETO OR THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES. 
 (c)    JURY TRIAL. EACH BORROWER, AGENT AND THE REQUIRED LENDERS HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE FINANCING DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED
BEFORE A COURT AND NOT BEFORE A JURY. EACH BORROWER, AGENT AND EACH REQUIRED LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND
THE OTHER FINANCING DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH BORROWER, AGENT AND EACH REQUIRED LENDER WARRANTS AND REPRESENTS THAT IT HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER
WITH LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS 

(d)    Incorporation of Credit Agreement Provisions. The provisions contained in
Section 11.6 (Indemnification) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety. 

(e)    Headings. Section headings in this Agreement are included for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose. 
 (f)    Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by
facsimile or by electronic mail delivery of an electronic version (e.g., .pdf or .tif file) of an executed signature page shall be effective as delivery of an original executed counterpart hereof and shall bind the parties hereto. 

(g)    Entire Agreement. This Agreement constitutes the entire agreement and understanding among
the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 

  
 4 

 (e)    Severability. In case any provision of or
obligation under this Agreement shall be invalid, illegal or unenforceable in any applicable jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. 
 (f)    Successors/Assigns.
This Agreement shall bind, and the rights hereunder shall inure to, the respective successors and assigns of the parties hereto, subject to the provisions of the Credit Agreement and the other Financing Documents. 

[SIGNATURES APPEAR ON FOLLOWING PAGES] 

  
 5 

 IN WITNESS WHEREOF, intending to be legally bound, and intending that this
document constitute an agreement executed under seal, the undersigned have executed this Agreement under seal as of the day and year first hereinabove set forth. 
  

							
	AGENT:	 		 	 MIDCAP FINANCIAL TRUST,

				
		 		 	 By:
	 	 Apollo Capital Management, L.P.,

		 		 	 its investment manager

				
		 		 	 By:
	 	 Apollo Capital Management GP, LLC,

		 		 	 its general partner

				
		 		 	 By:
	 	 /s/ Maurice Amsellem (SEAL)

		 		 	 Name:
	 	 Maurice Amsellem

		 		 	 Title:
	 	 Authorized Signatory

			
	 LENDER:
	 		 	 MIDCAP FINANCIAL TRUST,

				
		 		 	 By:
	 	 Apollo Capital Management, L.P.,

		 		 	 its investment manager

				
		 		 	 By:
	 	 Apollo Capital Management GP, LLC,

		 		 	 its general partner

				
		 		 	 By:
	 	 /s/ Maurice Amsellem (SEAL)

		 		 	 Name:
	 	 Maurice Amsellem

		 		 	 Title:
	 	 Authorized Signatory

			
	 LENDER:
	 		 	 MIDCAP FUNDING XIII TRUST,

				
		 		 	 By:
	 	 Apollo Capital Management, L.P.,

		 		 	 its investment manager

				
		 		 	 By:
	 	 Apollo Capital Management GP, LLC,

		 		 	 its general partner

				
		 		 	 By:
	 	 /s/ Maurice Amsellem (SEAL)

		 		 	 Name:
	 	 Maurice Amsellem

		 		 	 Title:
	 	 Authorized Signatory

  
 6 

							
	 LENDER:
	 		 	 ELM 2016-1 TRUST

				
		 		 	 By:
	 	 Midcap Financial Services Capital Management, LLC,

as Servicer

				
		 		 	 By:
	 	 /s/ John O’Dea

		 		 	 Name:
	 	 John O’Dea

		 		 	 Title:
	 	 Authorized Signatory

  
 7 

							
	 LENDER:
	 		 	 FLEXPOINT MCLS SPV LLC

				
		 		 	 By:
	 	 /s/ Daniel Edelman

		 		 	 Name:
	 	 Daniel Edelman

		 		 	 Title:
	 	 Vice President

  
 8 

							
	 LENDER: 
	 		 	 SILICON VALLEY BANK

				
		 		 	 By:
	 	 /s/ Kevin Fleischman

		 		 	 Name:
	 	 Kevin Fleischman

		 		 	 Title:
	 	 Director

  
 9 

							
	 BORROWER:
	 		 	 SIENTRA, INC.

				
		 		 	 By:
	 	 /s/ Patrick Williams (SEAL)

		 		 	 Name:
	 	 Patrick Williams

		 		 	 Title:
	 	 Chief Financial Officer

			
		 		 	 MIRADRY HOLDINGS, INC.

				
		 		 	 By:
	 	 /s/ Patrick Williams (SEAL)

		 		 	 Name:
	 	 Patrick Williams

		 		 	 Title:
	 	 Chief Financial Officer

			
		 		 	 MIRADRY, INC.

				
		 		 	 By:
	 	 /s/ Patrick Williams (SEAL)

		 		 	 Name:
	 	 Patrick Williams

		 		 	 Title:
	 	 Chief Financial Officer

  
 10upl-ex101_18.htm

 

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of April 19, 2018, by and among ULTRA RESOURCES, INC., a Delaware corporation (the “Borrower”), BANK OF MONTREAL, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”), and each of the Lenders party hereto.

W I T N E S S E T H:

WHEREAS, the Borrower, the Administrative Agent and the Lenders entered into that certain Credit Agreement, dated as of April 12, 2017, among Ultra Petroleum Corp., a Yukon corporation, UP Energy Corporation, a Delaware corporation, the Borrower, the Administrative Agent, the Lenders and other parties from time to time party thereto (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), for the purpose and consideration therein expressed, whereby the Lenders became obligated to make loans to the Borrower as therein provided;

WHEREAS, the Borrower has requested, and the Administrative Agent and the Lenders constituting the Majority Lenders have agreed, as set forth herein, to amend certain provisions of the Credit Agreement;

WHEREAS, the Administrative Agent and the Lenders constituting the Decrease and Maintenance Lenders have agreed, as set forth herein, to reaffirm the Borrowing Base;

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and in the Credit Agreement, in consideration of the loans which may hereafter be made by Lenders to the Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I.

DEFINITIONS AND REFERENCES

Defined Terms

. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Credit Agreement shall have the same meanings whenever used in this Amendment.

ARTICLE II.

AMENDMENTS TO CREDIT AGREEMENT

Section 2.1.Amendments to Section 1.02.  

(a)Section 1.02 of the Credit Agreement is hereby amended by amending and restating the definition of “Applicable Margin” in its entirety to read as follows:

 

““Applicable Margin” means, for any day, with respect to any ABR Loan or Eurodollar Loan, or with respect to the Commitment Fee Rate, as the case may be:

	
(a)
	
during a Borrowing Base Period, the rate per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect:

						
	
Borrowing Base Utilization Grid

	
Borrowing Base Utilization Percentage
	
<25%
	
>25% <50%
	
>50% <75%
	
>75% <90%
	
>90%

	
Eurodollar Loans
	
2.50%
	
2.75%
	
3.00%
	
3.25%
	
3.50%

	
ABR Loans
	
1.50%
	
1.75%
	
2.00%
	
2.25%
	
2.50%

	
Commitment Fee Rate
	
0.50%
	
0.50%
	
0.50%
	
0.50%
	
0.50%

; subject to the last paragraph of this definition, each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change, provided, however, that if the Borrower fails to timely deliver a Reserve Report pursuant to Section 8.12(a), then if such default remains uncured for 30 days, the “Applicable Margin” means, for any day thereafter that such default remains uncured, the rate per annum set forth on the grid when the Borrowing Base Utilization Percentage is at its highest level; and

	
(b)
	
during an Investment Grade Period, the rate per annum set forth in the grid below based upon (i) the higher of the Credit Ratings assigned to the Borrower by Moody’s or S&P in effect on such day if the lower rating is no lower than the immediately next lower rating and (ii) the higher Credit Rating in between the higher rating and the lower rating otherwise:

				
	
Credit Rating
	
Commitment Fee Rate
	
ABR Loans
	
Eurodollar Loans

	
>BBB+/Baa1
	
0.15%
	
1.125%
	
2.125%

	
BBB/Baa2
	
0.20%
	
1.250%
	
2.250%

	
BBB-/Baa3
	
0.25%
	
1.500%
	
2.500%

	
< BB+/Ba1
	
0.30%
	
1.750%
	
2.750%

 

Notwithstanding the foregoing, if the Consolidated Net Leverage Ratio exceeds 4.0 to 1.0 as of the last day of any fiscal quarter (the date on which a compliance certificate for such fiscal quarter is required to be delivered pursuant to Section 8.01(c), the “Pricing Step-Up Date”), then the “Applicable Margin” shall mean, with respect to any Eurodollar Loan or ABR Loan, for any day during the period beginning on such Pricing Step-Up Date and ending on the date on which a compliance certificate is delivered pursuant to Section 8.01(c) for the first fiscal quarter occurring after such Pricing Step-Up Date for which the Consolidated Net Leverage Ratio as of the last day of such fiscal quarter is less than or equal to 4.0 to 1.0, the Applicable Margin that would otherwise be in effect with respect to such Eurodollar Loan or ABR Loan, as applicable, plus 0.25% per annum.”

(b)The definition of “Swap Agreement” contained in Section 1.02 of the Credit Agreement is hereby amended by (i) deleting the first “(a)” contained therein and (ii) replacing the phrase “pursuant to this clause (a), and (b) any Secured Lender Physical Contract” contained therein with “.”.

 

 

Section 2.2.Amendment to Section 8.19. Section 8.19(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(c)Swap Agreements. The Borrower and each Restricted Subsidiary shall enter into and maintain at all times Swap Agreements with one or more Approved Counterparties pursuant to which the Borrower and such Restricted Subsidiaries shall hedge notional volumes of not less than, (i) during the period beginning on June 30, 2018 and ending on September 29, 2019, 65% of the Projected Volume (based on the most recently delivered Reserve Report) of natural gas from Proved Developed Producing Reserves for each calendar quarter during the subsequent eighteen (18) calendar month period immediately following any date of determination (as forecasted based upon the most recently delivered Reserve Report) and (ii) during the period beginning on September 30, 2019 and ending on March 30, 2020, 50% of the Projected Volume (based on the most recently delivered Reserve Report) of natural gas from Proved Developed Producing Reserves for each calendar quarter during the subsequent eighteen (18) calendar month period immediately following any date of determination (as forecasted based upon the most recently delivered Reserve Report); provided, that to the extent the delivery of a new Reserve Report hereunder results in a failure to satisfy the requirements of this Section 8.19(c), the Credit Parties shall have thirty (30) days following the delivery of such Reserve Report (or such later date as the Majority Lenders may agree in their sole discretion) to enter into additional Swap Agreements to the extent necessary to satisfy the requirements of this Section 8.19(c); provided, further, that if the Borrower reasonably determines that the Lenders (and their respective Affiliates) have insufficient aggregate capacity to enter into Swap Agreements with one or more Credit Parties for at least the minimum volumes of natural gas for each fiscal quarter required pursuant to this Section 8.19(c), then the requirements of this Section 8.19(c) shall be reduced solely to the extent necessary to reflect the maximum volumes of natural gas for each fiscal quarter for which the Lenders (and their respective Affiliates) have aggregate capacity to enter into such Swap Agreements.

Section 2.3.Amendment to Section 9.01. Section 9.01(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(c)Consolidated Net Leverage Ratio. The Borrower will not permit the Consolidated Net Leverage Ratio to exceed, as of the last day of each of the following fiscal quarters, the ratio set forth next to such fiscal quarter in the table below:

		
	
Fiscal Quarters (ending)
	
Consolidated Net Leverage Ratio

	
June 30, 2018 through June 30, 2019
	
4.50 to 1.0

	
September 30, 2019 through December 31, 2019
	
4.25 to 1.0

	
March 31, 2020 and each other fiscal quarter end thereafter
	
4.00 to 1.0

 

 

 

ARTICLE III.

BORROWING BASE

Section 3.1.Reaffirmation of Borrowing Base.  Pursuant to Section 2.07 of the Credit Agreement, the Administrative Agent and the Lenders constituting the Decrease and Maintenance Lenders hereby agree that, for the period from and including the Effective Date (as defined below) until the next Redetermination Date, the Borrowing Base shall be, and hereby is, reaffirmed at $1,400,000,000. The parties hereto agree that this reaffirmation of the Borrowing Base constitutes the Scheduled Redetermination for April 1, 2018 and such redetermination shall be deemed to have taken place in accordance with the procedures set forth in the Credit Agreement. This Amendment (a) does not limit redeterminations or further adjustments to the Borrowing Base pursuant to the Credit Agreement and (b) shall constitute the New Borrowing Base Notice in respect of such Scheduled Redetermination in accordance with Section 2.07(d) of the Credit Agreement.

ARTICLE IV.

CONDITIONS OF EFFECTIVENESS

Effective Date

. This Amendment shall become effective on the first date on which each of the conditions set forth in this Section 4.1 is satisfied (such date, the “Effective Date”): 

	
(a)
	
the Administrative Agent shall have received counterparts of this Amendment duly executed and delivered by the Borrower and the Lenders constituting the Majority Lenders and the Decrease and Maintenance Lenders in form, substance and date satisfactory to the Administrative Agent;

(b)after giving effect to this Amendment, no Default or Event of Default shall exist under the Credit Agreement or under any other Loan Document;

(c)each representation and warranty of the Borrower and the Guarantors set forth in the Credit Agreement and in the other Loan Documents shall be true and correct in all material respects on and as of the Effective Date, except (i) to the extent any such representation and warranty is expressly limited to an earlier date, in which case, on and as of the Effective Date, such representation and warranty shall continue to be true and correct as of such specified earlier date, and (ii) to the extent that any such representation and warranty is expressly qualified by materiality or by reference to Material Adverse Effect, such representation and warranty (as so qualified) shall continue to be true and correct in all respects; and

	
(d)
	
the Borrower shall have paid (i) an amendment fee payable to the Administrative Agent for the account of each undersigned Lender who has executed and delivered its signature page on or before April 19, 2018 in an amount equal to 15.0 basis points on each such Lender’s Commitment in effect on the Effective Date and (ii) to the extent invoiced, all fees and other amounts due and payable on or prior to the Effective Date, including all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.

 

 

ARTICLE V.

MISCELLANEOUS

Ratification of Agreements

.  The Loan Documents, as they may be affected by this Amendment, are hereby ratified and confirmed in all respects.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lenders under the Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement, the Notes or any other Loan Document.

Loan Documents

.  This Amendment is a Loan Document, and all provisions in the Credit Agreement (as they may be affected by this Amendment) pertaining to Loan Documents apply thereto.

Governing Law

.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

Counterparts; Fax

.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES HERETO.

[The remainder of this page has been intentionally left blank.]

 

 

 

IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

 

	

	
 

	

	
BANK OF MONTREAL, as Administrative Agent 

 

 

By: _/s/ Gumaro Tijerina_________________  

      Name:  Gumaro Tijerina

      Title:    Managing Director

 

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

	

	
BMO HARRIS BANK N.A., as a Lender

 

By: _/s/ Gumaro Tijerina_________________    

      Name:  Gumaro Tijerina

      Title:    Managing Director

 

 

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

	

	
GOLDMAN SACHS BANK USA, as a Lender

 

By: _/s/ Meghan Sullivan_________________   

      Name:  Meghan Sullivan

      Title:    Authorized Signatory

 

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

	

	
BARCLAYS BANK PLC, as a Lender

 

By: _/s/ Sydney G. Dennis_________________    

      Name:  Sydney G. Dennis

      Title:    Director

 

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

	

	
WHITNEY BANK, as a Lender

 

By: _/s/ Parker Mears_________________  

      Name:  Parker Mears

      Title:    Vice President

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

 

By: _/s/ Robert James__________________   

      Name:  Robert James

      Title:    Director

 

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

FIFTH THIRD BANK, as a Lender

 

By: _/s/ Justin Bellamy__________________    

      Name:  Justin Bellamy

      Title:    Director

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

CIT BANK, N.A., as a Lender

 

By: _/s/ John Feeley__________________    

      Name:  John Feeley

      Title:    Director

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

 

 

 

Agreed and acknowledged:

 

ULTRA RESOURCES, INC., as Borrower

By: /s/ Garland R. Shaw__________________

      Name:  Garland R. Shaw 

      Title:    Senior Vice President and Chief Financial Officer 

 

 

 

[Ultra Resources - Signature Page to Second Amendment to Credit Agreement]

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