Document:

ck0001424182-ex101_6.htm

EXHIBIT 10.1

 

 

 

Consent and AGREEMENT REGARDING commitment

increases AND ADDITIONAL TERM LOANS

 

THIS CONSENT AND AGREEMENT REGARDING commitment increases AND ADDITIONAL TERM LOANS (this “Agreement”) dated as of November 20, 2017, is executed by the Lenders (as defined below) party hereto, U.S. BANK NATIONAL ASSOCIATION (“U.S. Bank”), RAYMOND JAMES BANK, N.A. (“Raymond James” and, together with U.S. Bank, each a “New Lender” and collectively, the “New Lenders”), MANUFACTURERS AND TRADERS TRUST COMPANY, as Administrative Agent (the “Administrative Agent”), BROADSTONE NET LEASE, LLC (the “Borrower”) and BROADSTONE NET LEASE, INC. (the “Parent”).

 

WHEREAS, the Borrower, the Parent, the financial institutions party thereto (the “Lenders”), the Administrative Agent and certain other parties have entered into that certain Revolving Credit and Term Loan Agreement dated as of June 23, 2017 (as in effect immediately prior to the effectiveness of this Agreement, the “Credit Agreement”); 

 

WHEREAS, pursuant to Section 2.16 of the Credit Agreement, the Borrower has requested that (i) the aggregate amount of the Revolving Commitments be increased, (ii) Additional Term Loan Facility 1 Term Loans be made to the Borrower by the New Lenders and (iii) the aggregate amount of the Term Facility 2 Commitment be increased, in each case, to or in the amount set forth on Schedule I attached hereto and on the terms set forth herein; 

 

WHEREAS, New Lenders are willing to provide Revolving Commitments and/or Term Facility 2 Commitments and/or make the Additional Term Loan Facility 1 Term Loans on the terms set forth herein; 

 

WHEREAS, the Term Facility 1 Commitments have been fully utilized as of the date hereof and the full amount of the Term Facility 2 Commitments remain undrawn as of the date hereof; and 

 

WHEREAS, the Lenders party hereto have agreed to provide the certain consents set forth herein on the terms and conditions contained herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows:

 

Section 1.  Commitment Increases.  Upon the effectiveness of this Agreement, in reliance on the truth and accuracy of the representations set forth in Section 5 below (a) (i) the Borrower and each New Lender providing a Revolving Commitment as set forth on Schedule I hereto acknowledge and agree that the amount of such New Lender’s Revolving Commitment shall be the amount set forth for such New Lender on Schedule I as such New Lender’s “Revolving Commitment Amount” and (ii) each such New Lender providing a Revolving Commitment agrees to make the payments required to be made by such New Lender under Section 2.16 of the Credit Agreement and (b) the Borrower and each New Lender providing a Term Facility 2 Commitment as set forth on Schedule I hereto acknowledge and agree that the amount of such New Lender’s Term Facility 2 Commitment shall be the amount set forth for such New Lender on Schedule I as such New Lender’s “Term Facility 2 Commitment Amount”.

 

Section 2. Additional Term Loans.  Upon the effectiveness of this Agreement, in reliance on the truth and accuracy of the representations set forth in Section 5 below each New Lender making an Additional Term Facility 1 Loan agrees to make an Additional Term Facility 1 Loan to the Borrower in the principal amount set forth for such New Lender on Schedule I as such New Lender’s “Additional Term Facility 1 Loans”.  Each Additional Term Facility 1 Loans effected hereby shall, for the avoidance 

 

 

of doubt, be a “Term Facility 1 Loan” and a “Term Loan” under and as defined in the Credit Agreement and shall be due and payable in full on the Term Facility 1 Maturity Date. The interest on the Additional Term Facility 1 Loans will accrue from and including the date of the making of the Additional Term Facility 1 Loans at the same per annum rate as the existing Term Facility 1 Loans made pursuant to Section 2.2 of the Credit Agreement for the Interest Period that will end concurrently with the end of the Interest Period for such existing Term Facility 1 Loans (notwithstanding anything in the definition of the Interest Period to the contrary).

 

Section 3.  Consents.  Upon the effectiveness of this Agreement, in reliance on the truth and accuracy of the representations set forth in Section 5 below, and notwithstanding the provisions of the Credit Agreement to the contrary, the Administrative Agent and the Lenders party hereto hereby consent (a) to the increases in the Revolving Commitments and the Term Facility 2 Commitments described in Section 1 above and the making of the Additional Term Facility 1 Loans described in Section 2 above prior to the Term Loan Availability Termination Date and (b) since (x) the Term Loan Availability Termination Date has not occurred with respect to the Term Facility 2 Commitments and (y) the full amount of the Term Facility 2 Commitments remain undrawn as of the date hereof, the Term Loan Facility 2 Commitments may be increased as provided herein instead of the making of Additional Term Facility 2 Loans as described in Section 2.16; provided that, (i) for purposes of the conditions and other requirements set forth in Section 2.16, the Term Loan Facility 2 Commitments provided by the New Lenders shall be treated in a manner similar to the increased Revolving Commitments and Additional Term Loans, as applicable, described in Section 2.16, and (ii) the Term Loan Facility 2 Commitments provided by the New Lenders shall be included as “Term Loans” in calculating the maximum amount of Revolving Commitments and Term Loans available under the Credit Agreement pursuant to the proviso in the first sentence of Section 2.16.  Other than as expressly set forth herein, nothing contained herein shall in any way (i) waive, release, modify or limit the Loan Parties’ respective obligations to otherwise comply with all terms and conditions of any or all of the Credit Agreement and the other Loan Documents, or (ii) waive, release, modify or limit any or all of the Administrative Agent’s and/or the Lenders’ respective rights, remedies and privileges thereunder.

 

Section 4.  Conditions Precedent.  The effectiveness of this Agreement, including without limitation, the increases of the Revolving Commitments and the Term Facility 2 Commitments under Section 1 above, the making of the Additional Term Facility 1 Loans pursuant to Section 2 above and the consents provided under Section 3 above, is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative Agent:

 

(a)a counterpart of this Agreement duly executed by the Borrower, the Parent, the Administrative Agent, each New Lender and the Requisite Lenders;

 

(b)Revolving Notes executed by the Borrower, payable to each New Lender increasing its Revolving Commitment (other than any such New Lender that has notified the Administrative Agent that it does not wish to receive a Revolving Note) in the amount of such New Lender’s “Revolving Commitment Amount” as set forth on Schedule I hereto;

 

(c)Term Notes executed by the Borrower, payable to each New Lender providing an Additional Term Facility 1 Loan and/or Term Loan Facility 2 Commitment (other than any such New Lender that has notified the Administrative Agent that it does not wish to receive a Term Note) in the amount of such New Lender’s “Additional Term Facility 1 Loans” as set forth on Schedule I hereto and/or such New Lender’s “Term Loan Facility 2 Commitment Amount” as set forth on Schedule I hereto, as the case may be;

 

(d)copies certified by the Secretary or Assistant Secretary of all limited liability, corporate, partnership or other necessary action taken by the Borrower, the Parent and any other Guarantor to 

 

 

 

authorize such increase in the Revolving Commitments, increase in Term Loan Facility 2 Commitments and the Additional Term Facility 1 Loans or the guaranty thereof; 

 

(e)an opinion of Vaisey Nicholson & Nearpass PLLC, counsel to the Borrower, the Parent and the other Loan Parties, if any, addressed to the Administrative Agent and the Lenders and covering the matters reasonably requested by the Administrative Agent;

 

(f)evidence that all fees, expenses and reimbursement amounts due and payable to the Administrative Agent and each New Lender have been paid; and

 

(g)such other documents, instruments and agreements as the Administrative Agent may reasonably request.

 

Section 5.  Representations of Borrower.  The Borrower represents and warrants that (a) no Default or Event of Default has occurred and is continuing as of the effective date of this Agreement and immediately after giving effect to the increases in the Revolving Commitments, the Term Loan Facility 2 Commitments and the Additional Term Facility 1 Loans effected hereby and (b) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and correct in all respects) on the effective date of this Agreement and immediately after giving effect to the increases in the Revolving Commitments, the Term Loan Facility 2 Commitments and the Additional Term Facility 1 Loans effected hereby except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement.

 

Section 6.  Representations and Warranties of New Lenders. Upon the effectiveness of this Agreement, each New Lender acknowledges and agrees that it shall be a Lender under the Credit Agreement having a Revolving Commitment in the amount, if any, set forth for such New Lender on Schedule I as such New Lender’s “Revolving Commitment Amount”, having a Term Facility 2 Commitment in the amount, if any, set forth for such New Lender on Schedule I as such New Lender’s “Term Facility 2 Commitment Amount” and holding a Term Facility 1 Loan in the amount, if any, set forth for such New Lender on Schedule I as such New Lender’s “Additional Term Facility 1 Loan”.  Accordingly, such New Lender shall have all of the rights and obligations of a Revolving Lender, Term Facility 1 Lender or Term Facility 2 Lender, as applicable, under the Credit Agreement and the other Loan Documents with respect to New Lender’s Revolving Commitment, Term Facility 2 Commitment and Term Facility 1 Loan, as applicable, and other rights of a Lender under the Credit Agreement and the other Loan Documents with respect to New Lender’s Revolving Commitment, Term Facility 2 Commitment and Term Facility 1 Loan, as applicable.  Each New Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it is sophisticated with respect to decisions to acquire assets of the type represented by such New Lender’s Revolving Commitment, Term Facility 2 Commitment and Term Facility 1 Loan, as applicable, and either it, or the person exercising discretion in making its decision with respect to such New Lender’s Revolving Commitment, Term Facility 2 Commitment and Term Facility 1 Loan, as applicable, is experienced in such matters, (iii) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 9.1 or 9.2 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement and to 

 

 

 

provide such New Lender’s Revolving Commitment, Term Facility 2 Commitment and Term Facility 1 Loan, as applicable, and (iv) it has, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to provide such New Lender’s Revolving Commitment, Term Facility 2 Commitment and Term Facility 1 Loan, as applicable; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender and, as applicable, a Revolving Lender, a Term Facility 1 Lender and a Term Facility 2 Lender.

 

Section 7.  Reaffirmation.    Each Guarantor hereby reaffirms its continuing obligations to the Administrative Agent and the Lenders under the Guaranty dated as of June 23, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) and agrees that the transactions contemplated by the Agreement, including without limitation, the increase in the total Revolving Commitments and Term Facility 2 Commitments under the Credit Agreement and the making of Additional Term Facility 1 Loans, shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

 

Section 8. Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 9.  Counterparts.  This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement. Signatures hereto delivered by facsimile transmission, emailed .pdf file or other similar forms of electronic transmission shall be deemed original signatures, which hereby may be relied upon by all parties and shall be binding on the respective signor.

 

Section 10.  Headings.  Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof.

 

Section 11.  Amendments; Waivers.  This Agreement may not be amended, changed, waived or modified except by a writing executed by each of the New Lenders, the Administrative Agent, the Requisite Lenders and the Borrower.

 

Section 12.  Expenses.  The Borrower shall reimburse the Administrative Agent upon demand for all reasonable documented out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Agreement and the other agreements and documents executed and delivered in connection herewith.

 

Section 13.  Benefits.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 14.  Effects.  On and after the effectiveness of this Agreement, this Agreement shall constitute a Loan Document.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only from the date this Agreement becomes effective. The Credit Agreement, as herein amended, is hereby ratified and confirmed in all respects.

 

 

 

 

Section 15.  Definitions.  Capitalized terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

 

[Signatures on Following Pages]

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Consent and Agreement Regarding Commitment Increases and Additional Term Loans to be executed as of the date first above written.

 

 

THE BORROWER:

 

BROADSTONE NET LEASE, LLC

 

By:  Broadstone Net Lease, Inc., Managing Member

 

 

	
 
	
By: /s/ Ryan M. Albano
	

     Name: Ryan M. Albano

     Title: Executive Vice President and Chief Financial Officer

 

 

THE PARENT AND A GUARANTOR:

 

BROADSTONE NET LEASE, INC.

 

 

	
 
	
By: /s/ Ryan M. Albano
	

     Name: Ryan M. Albano

     Title: Executive Vice President and Chief Financial Officer

 

 

 

 

 

 

[Signatures Continued on Next Page]

 

 

 

 

 

THE ADMINISTRATIVE AGENT AND THE LENDERS (including New Lenders):

 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Administrative Agent and a Lender 

 

 

	
 
	
By: /s/ Lisa A. Plescia
	

     Name: Lisa A. Plescia

     Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

 

 

	
 
	
By: /s/ Matthew Ricketts
	

     Name: Matthew Ricketts

     Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

 

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

BANK OF MONTREAL, as a Lender 

 

 

 

	
 
	
By: /s/ Kevin Fennell
	

     Name: Kevin Fennell

     Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

 

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

J.P.MORGAN CHASE BANK, N.A., as a Lender

 

 

By: /s/ Elizabeth Johnson

     Name: Elizabeth Johnson

     Title: Executive Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

SUNTRUST BANK, as a Lender

 

 

By: /s/ Amy L. Roush

     Name: Amy L. Roush

     Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

 

 

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

REGIONS BANK, as a Lender

 

 

By: /s/ Michael R. Mellott

     Name: Michael R. Mellott

     Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

CAPITAL ONE, NATIONAL ASSOCIATION as a Lender

 

 

By: /s/ Frederick H. Denecke

     Name: Frederick H. Denecke

     Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

BRANCH BANKING AND TRUST COMPANY, as a Lender

 

 

	
 
	
By: /s/ Brad Bowen
	

     Name: Brad Bowen

     Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender

 

 

By: /s/ Gregory A. Conner

     Name: Gregory A. Conner

     Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as a Lender

 

 

By: /s/ Thomas C. Owens

     Name: Thomas C. Owens

     Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

U.S. BANK NATIONAL ASSOCIATION, as a New Lender

 

 

By: /s/ Gordon Clough

     Name: Gordon Clough

     Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Next Page]

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

RAYMOND JAMES BANK, N.A., as a New Lender

 

 

By: /s/ James M. Armstrong

     Name: James M. Armstrong

     Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Consent and Agreement Regarding Commitment Increases 

and Additional Term Loan for Broadstone Net Lease LLC]

 

 

 

SCHEDULE I

 

Revolving Commitments

 

		
	
Lender
	
Revolving Commitment Amount

	
Manufacturers and Traders Trust Company
	
$52,750,000.00

	
Wells Fargo Bank, National Association
	
$52,750,000.00

	
Bank of Montreal
	
$52,750,000.00

	
JPMorgan Chase Bank, N.A.
	
$52,750,000.00

	
SunTrust Bank
	
$50,000,000.00

	
Regions Bank
	
$50,000,000.00

	
Capital One, National Association
	
$50,000,000.00

	
Branch Banking and Trust Company
	
$17,000,000.00

	
Associated Bank, N.A.
	
$15,000,000.00

	
First Tennessee Bank National Association
	
$7,000,000.00

	
U.S. Bank National Association
	
$25,000,000.00

	
Total:
	
$425,000,000.00

 

Term Facility 1 Loans

 

			
	
Lender
	
 

Additional Term Facility 1 Loan
	
Term Facility 1 Loans (including Additional Term Facility 1 Loans)

	
Manufacturers and Traders Trust Company
	
----
	
$37,666,666.66

	
Wells Fargo Bank, National Association
	
----
	
$37,666,666.67

	
Bank of Montreal
	
----
	
$37,666,666.67

	
JPMorgan Chase Bank, N.A.
	
----
	
$71,000,000.00

	
SunTrust Bank
	
----
	
$25,000,000.00

	
Capital One, National Association
	
----
	
$25,000,000.00

	
Branch Banking and Trust Company
	
----
	
$11,000,000.00

	
First Tennessee Bank National Association
	
----
	
$5,000,000.00

	
U.S. Bank National Association
	
$15,000,000.00
	
$15,000,000.00

	
Total:
	
$15,000,000.00
	
$265,000,000.00

 

Term Facility 2 Commitments

 

		
	
Lender
	
Term Facility 2 Commitment Amount

	
Manufacturers and Traders Trust Company
	
$33,333,333.34

	
Wells Fargo Bank, National Association
	
$33,333,333.33

	
Bank of Montreal
	
$33,333,333.33

	
Regions Bank
	
$25,000,000.00

	
Associated Bank, N.A.
	
$15,000,000.00

	
Branch Banking and Trust Company
	
$7,000,000.00

	
First Tennessee Bank National Association
	
$3,000,000.00

	
Raymond James Bank, N.A.
	
$30,000,000.00

	
U.S. Bank National Association
	
$10,000,000.00

	
Total:
	
$190,000,000.00Exhibit

SEVENTH AMENDMENT TO CREDIT AGREEMENT

This SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of November 21, 2017, by and among QEP RESOURCES, INC., a Delaware corporation (the “Borrower”), the Lenders named on the signature pages hereto (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). 
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of August 25, 2011, as amended by that certain First Amendment to Credit Agreement dated as of July 6, 2012, that certain Second Amendment to Credit Agreement dated as of August 13, 2013, that certain Third Amendment to Credit Agreement dated as of February 25, 2014, that certain Fourth Amendment to Credit Agreement and Commitment Increase Agreement dated as of December 2, 2014, that certain Fifth Amendment to Credit Agreement entered into as of November 23, 2015 and that certain Sixth Amendment to Credit Agreement entered into as of May 5, 2017  (the “Existing Credit Agreement” and as amended by this Amendment, the “Credit Agreement”);
WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended to decrease the aggregate amount of the Commitments by $550,000,000 to an aggregate total amount of $1,250,000,000 (the “Commitment Decrease”), to extend the Maturity Date and to make certain other amendments to the Existing Credit Agreement as set forth herein;
WHEREAS, subject to terms of this Amendment, the Lenders who have Commitments pursuant to the Credit Agreement as reflected on Schedule 2.01 attached hereto, the L/C Issuers and the Administrative Agent have agreed (i) to the Commitment Decrease, (ii) that their respective Commitments will be as set forth on Schedule 2.01 attached hereto and (iii) to extend the Maturity Date and amend the Existing Credit Agreement as set forth in Section 3 below, such amendments to be effective on the Effective Date (hereinafter defined).
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Definitions.
(a)As used herein: “Existing Lender” means each Lender who is a party to the Existing Credit Agreement; “Decreasing Lender” means each Existing Lender whose Commitment shown on Schedule 2.01 attached hereto is less than its Commitment set forth in Schedule 2.01 attached to the Existing Credit Agreement; “Increasing Lender” means each Existing Lender whose Commitment shown on Schedule 2.01 attached hereto is greater than its Commitment set forth in Schedule 2.01 attached to the Existing Credit Agreement.
(b)Unless otherwise defined in this Amendment, all other terms used in this Amendment which are defined in the Existing Credit Agreement shall have the meanings assigned to such terms in the Existing Credit Agreement.  The interpretive provisions set forth in Section 1.02 of the Existing Credit Agreement shall apply to this Amendment mutatis mutandis.
2.Commitment Decrease; Amended Schedule 2.01.
(a)Commitments.  On and as of the Effective Date:  (a) Schedule 2.01 attached to the Existing Credit Agreement shall be amended to read as set forth on Schedule 2.01 attached hereto, (b) each Decreasing Lender agrees that its Commitment shall decrease to the amount set forth opposite its name on Schedule 2.01 attached hereto, and (c) each Increasing Lender agrees that its Commitment shall increase to the amount set forth opposite its name on Schedule 2.01 attached hereto.  Subject to the conditions to Borrowings set forth herein and in the Credit Agreement, each Decreasing Lender and each Increasing Lender agrees to fund Loans on the Effective Date in an amount equal to its Pro Rata Share (as set forth in Schedule 2.01 attached hereto) of the Borrowings requested by the Borrower on such date, in each case in an amount up to its Commitment as shown on Schedule 2.01. 

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(b)Break Funding Charges. The Borrower acknowledges that if, as a result of the refinancing of existing Loans on the Effective Date, any Existing Lender incurs any loss, cost or expense as a result of any payment of a Eurodollar Rate Loan prior to the last day of the Interest Period applicable thereto and such Lender makes a request for compensation in accordance with Section 3.05 of the Credit Agreement, the Borrower shall be obligated to compensate such Lender in accordance with such Section.
(c)Departing Lenders.  As used herein, the term “Departing Lender” means any Lender as defined in the Existing Credit Agreement that has a Commitment under (and as defined in) the Existing Credit Agreement but does not have a Commitment listed on Schedule 2.01 attached hereto.  Each of the parties hereto agrees and confirms that after giving effect to this Amendment, from and after the Effective Date each Departing Lender’s Commitment shall be $0, its Commitment to make Loans, to purchase participations in L/C Obligations, to purchase participations in Swing Line Loans and to issue Letters of Credit and all other obligations of each Departing Lender as a Lender and an L/C Issuer under the Existing Credit Agreement shall be terminated, and each Departing Lender shall cease to be a Lender and an L/C Issuer for all purposes under the Loan Documents (other than in respect of any terms and conditions of the Existing Credit Agreement (including, without limitation, Section 10.04 or Section 10.13 thereof), which by their terms survive any cancellation of commitments, repayment in full of any Obligations or the termination of any Loan Document).
3.Additional Amendments to the Existing Credit Agreement.  The following amendments to the Existing Credit Agreement shall be effective on the date (the “Effective Date”) that the conditions set forth in Section 4 of this Amendment have been satisfied.
(a)Certain Amended Definitions. The following defined terms appearing in Section 1.01 (Defined Terms) of the Existing Credit Agreement are amended as set forth below:
(i)The definition of “Aggregate Commitments” is amended by replacing the reference to “$1,800,000,000” with “$1,250,000,000”.
(ii)The definition of “Arrangers” is amended and restated in its entirety as follows:
“Arrangers” means Wells Fargo Securities, LLC, The Bank of Tokyo-Mitsubishi UFJ, Ltd., BMO Capital Markets Financing, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities, LLC and U.S. Bank National Association, in their respective capacities as joint lead arrangers and joint bookrunners.
(iii)The definition of “Applicable Rate” is amended by replacing the table set forth therein as follows:
	
					
	Pricing Level
	Consolidated Leverage Ratio
	Commitment Fee
	Eurodollar Rate  
+ 
Letter of Credit Fee
	Base Rate

	1
	< 1.00:1.00
	0.350%
	1.750%
	0.750%

	2
	≥ 1.00:1.00 and 
< 2.00:1.00
	0.375%
	2.000%
	1.000%

	3
	≥ 2.00:1.00 and 
< 3.00:1.00
	0.400%
	2.250%
	1.250%

	4
	≥ 3.00:1.00
	0.425%
	2.500%
	1.500%

(iv)The definition of “Letter of Credit Sublimit” is amended by replacing the reference to “$300,000,000” with “$225,000,000”.

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(v)The definition of “L/C Issuer” is amended in its entirety to read as follows:
“L/C Issuer” means, for purposes of Section 2.03(a), Wells Fargo Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Bank of Montreal, Citibank, N.A., Deutsche Bank AG New York Branch, JPMorgan Chase Bank, N.A. and U.S. Bank National Association (collectively, the “Initial L/C Issuers”), or such other Lender that has agreed, at the request of the Borrower, to issue Letters of Credit hereunder, and that is reasonably acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld, conditioned or delayed).  The dollar amount of the commitment of each L/C Issuer to issue Letters of Credit hereunder is referred to as its “L/C Commitment.” The L/C Commitment of Wells Fargo Bank is $33,000,000 and the L/C Commitment of each other Initial L/C Issuer is $32,000,000.  When the term “L/C Issuer” is used herein with reference to any Letter of Credit issued hereunder, such term shall mean the issuer of such Letter of Credit, and as otherwise used herein, with reference to any Letter of Credit issued hereunder, the term “the L/C Issuer” shall mean “each L/C Issuer” or “the applicable L/C Issuer,” as the context may require.
(vi) The definition of “Maturity Date” is amended in its entirety to read as follows:
“Maturity Date” means (a) September 1, 2022; provided that (i) the Borrower delivers a Minimum Liquidity Condition Notice on or before January 25, 2021 and (ii) the Minimum Liquidity Condition is satisfied as of the Springing Maturity Date (as confirmed by the Administrative Agent), or (b) if the Borrower does not satisfy the conditions set forth in the proviso in clause (a) above, the Springing Maturity Date; provided further that, in any case, the Maturity Date for any Swing Line Loan shall be five Business Days after such Swing Line Loan is made.
(vii)The definition of “S&P” is amended in its entirety to read as follows:
“S&P” means S&P Global Ratings, a subsidiary of S&P Global, Inc., and any successor thereto.
(viii)The definition of “Sanctioned Person” is amended by replacing the reference to “the Office of Foreign Assets Control of the U.S. Department of the Treasury” with “OFAC”.
(ix)The definition of “Sanctions” is amended by replacing the reference to “the Office of Foreign Assets Control of the U.S. Department of the Treasury” with “OFAC”.
(x)The definition of “Swing Line Sublimit” is amended by replacing the reference to “$125,000,000” with “$100,000,000”.
(b)Certain Additional Definitions. The following defined terms are hereby added to Section 1.01 (Defined Terms) of the Credit Agreement in the appropriate alphabetical order:
“2018 Senior Notes” means the 6.80% senior notes, due 2018 of the Borrower issued in the original principal amount of $133,998,000 pursuant to the Indenture.
“2020 Senior Notes” means the 6.80% senior notes, due 2020 of the Borrower issued in the original principal amount of $135,968,000 pursuant to the Indenture.
“2021 Senior Notes” means the 6.875% senior notes, due 2021 of the Borrower issued in the original principal amount of $625,000,000 pursuant to the Indenture.
“Indenture” means that certain Indenture, dated as of March 1, 2001, by and between the Borrower, as successor to Questar Market Resources, Inc., and Wells Fargo Bank, National Association, as successor trustee.
“Liquidity” means, as of any date, the sum of (a) the aggregate amount of unencumbered cash and cash equivalents of the Borrower on such date and (b) the aggregate amount of unfunded Commitments which the Borrower is permitted to borrow under the terms of this Agreement on such date.

3

“Minimum Liquidity Condition” means, as of the Springing Maturity Date, either (a) the aggregate outstanding principal amount of the Senior Notes is less than or equal to $400,000,000, or (b) the Borrower has Liquidity of at least $250,000,000 after giving effect to the repayment of the 2021 Senior Notes.
“Minimum Liquidity Condition Notice” means a written notice delivered by the Borrower in form and substance reasonably satisfactory to the Administrative Agent that the Minimum Liquidity Condition will be satisfied on the Springing Maturity Date.
“Senior Notes” means, collectively, the 2018 Senior Notes, the 2020 Senior Notes and the 2021 Senior Notes.
“Springing Maturity Date” means February 1, 2021.
(c)Certain Deleted Definitions. The following defined terms are hereby deleted in their entirety from Section 1.01 (Defined Terms) of the Credit Agreement:
“Additional Commitment Lender”
“Extending Lenders”
“Non-Extending Lenders”
(d)Amendments to Section 2.15. Section 2.15 (Extension of Maturity Date) of the Existing Credit Agreement is amended and restated in its entirety as follows:
2.15   [Reserved].
(e)Amendment to Section 6.01(d). Section 6.01(d) (Books, Financial Statements and Reports) of the Existing Credit Agreement is amended and restated in its entirety to read as follows:
(d)    Within ninety-five (95) days after the end of each fiscal year, an operating and capital forecast of the Borrower for the current fiscal year.
(f)Amendment to Section 7.11(c). Section 7.11(c) (Present Value to Consolidated Net Funded Debt Ratio) of the Existing Credit Agreement is amended and restated in its entirety to read as follows:
“(c)    Present Value to Consolidated Net Funded Debt Ratio.  The Borrower shall maintain, at all times during a Debt Ratings Trigger Period, a Present Value to Consolidated Net Funded Debt Ratio of at least (i) at any time prior to or on December 31, 2018, 1.25 to 1.0, (ii) commencing on January 1, 2019 and through and including December 31, 2019, 1.40 to 1.0, and (iii) at any time on or after January 1, 2020, 1.50 to 1.0.”  
(g)Amended Cover Page.  The cover page of the Existing Credit Agreement is hereby amended to replace the reference to (i) “BANK OF MONTREAL,” with “BANK OF MONTREAL, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,” and (ii) “WELLS FARGO SECURITIES, LLC” with “WELLS FARGO SECURITIES, LLC, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,”.
4.Conditions of Effectiveness.  This effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent.
(a)The Administrative Agent shall have received each of the following:
(i)counterparts of this Amendment executed by the Borrower, the Administrative Agent, each L/C Issuer, each Departing Lender and each Lender with a Commitment shown on Schedule 2.01 attached hereto;

4

(ii)a certificate of a Responsible Officer or Secretary of the Borrower (A) certifying as to the incumbency and genuineness of the signature of each officer of the Borrower executing this Amendment, (B) certifying that attached thereto is a true, correct and complete copy of the Organization Documents of the Borrower, or certifying that such Organization Documents were delivered on the Closing Date or as of the date of a prior amendment to the Existing Credit Agreement and certifying that since such date there have been no changes thereto and (C) attaching resolutions adopted by the board of directors (or other governing body) of the Borrower authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Amendment;
(iii)a certificate evidencing the existence and good standing of the Borrower, issued as of a recent date by the applicable Governmental Authority of its jurisdiction of organization;
(iv)a favorable opinion of Latham & Watkins, LLP, covering such matters concerning the Borrower and this Amendment as the Arrangers may reasonably request, in form and substance reasonably satisfactory to the Arrangers, such opinion to be addressed to the Administrative Agent and each Lender;
(b)All consents, licenses and approvals required in connection with the execution, delivery and performance by the Borrower and the validity against the Borrower of the Credit Agreement and other Loan Documents shall have been obtained and shall be in full force and effect, and a Responsible Officer shall certify to such effect or shall certify that no such consents, license and approvals are required.
(c)On and as of the Effective Date, (i) there shall exist no Default, and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement shall be true and correct in all material respects on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, provided that in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.06 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01. 
(d)Since December 31, 2016, there shall not have occurred any event or circumstance that has or could reasonably be expected to, either individually or in the aggregate, result in a Material Adverse Effect.
(e)The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying as to the matters set forth in clauses (c) and (d) of this Section 4.
(f)The Administrative Agent shall have received, to the extent not previously delivered and to the extent requested, at least two Business Days prior to the Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.
(g)The Borrower shall have paid all Lender upfront fees, Arranger fees and the Administrative Agent and Lead Arranger expenses, including Attorney Costs of one counsel to the Administrative Agent and Wells Fargo Securities, LLC.
(h)The Borrower shall have repaid (or substantially concurrently with the satisfaction of the other conditions precedent to the Effective Date shall repay on the Effective Date), to the Administrative Agent for the account of the Lenders that are parties to the Existing Credit Agreement, the principal balance of all outstanding Loans together with accrued and unpaid interest thereon, accrued fees and other amounts if any then due and payable to such Lenders under the Agreement.
(i)The Effective Date shall occur on or prior to December 29, 2017.
5.Representations and Warranties.  The Borrower represents and warrants that on the Effective Date both before and after giving effect to the transactions contemplated hereby:

5

(a)This Amendment has been duly authorized, executed and delivered by the Borrower, and this Amendment and the Existing Credit Agreement as modified hereby each constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its respective terms, except as such enforcement may be limited by bankruptcy, insolvency or similar Laws of general application relating to the enforcement of creditors’ rights or by general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)No Default exists.
6.Effect of Amendment.  This Amendment, except as expressly provided herein, shall not be deemed to be a consent to the modification or waiver of any other term or condition of the Existing Credit Agreement.  Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Existing Credit Agreement and the other Loan Documents shall remain the same, and are hereby ratified and affirmed, and the Existing Credit Agreement, as amended hereby, and the other Loan Documents shall continue in full force and effect.  From and after the date hereof, each reference in the Credit Agreement, including the schedules and exhibits thereto and the other documents delivered in connection therewith, to the “Credit Agreement,” “this Amendment,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Existing Credit Agreement as amended hereby.
7.Miscellaneous.  This Amendment shall for all purposes be construed in accordance with and governed by the laws of the State of New York.  The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile or in electronic form shall be effective as the delivery of a manually executed counterpart.  This Amendment shall be a “Loan Document” as defined in the Credit Agreement.
8.Entire Agreement.  THIS AMENDMENT AND THE EXISTING CREDIT AGREEMENT (AS AMENDED BY THIS AMENDMENT) AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[SIGNATURES PAGES FOLLOW]

6

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers effective as of the date first written above.

	
		
	 
	QEP RESOURCES, INC., as the Borrower

	 
	 

	 
	 

	By:
	/s/ Richard J. Doleshek

	Name:
	Richard J. Doleshek

	Title:
	Executive Vice President

	 
	and Chief Financial Officer

	 
	 

	
		
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as

	 
	Administrative Agent, L/C Issuer, Swing Line Lender

	 
	and a Lender

	 
	 

	 
	 

	By:
	/s/ Douglas McDowell

	Name:
	Douglas McDowell

	Title:
	Managing Director

	 
	 

	 
	 

	
		
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as

	 
	a Lender

	 
	 

	 
	 

	By:
	/s/ Anastasiya Haurylenia

	Name:
	Anastasiya Haurylenia

	Title:
	Vice President

	 
	 

	 
	 

	
		
	 
	BMO HARRIS FINANCING, INC., as a Lender

	 
	 

	 
	BANK OF MONTREAL, as an L/C Issuer

	 
	 

	 
	 

	By:
	/s/ James V. Ducote

	Name:
	James V. Ducote

	Title:
	Managing Director

	 
	 

	 
	 

	
		
	 
	CITIBANK, N.A., as a Lender

	 
	 

	 
	 

	By:
	/s/ Saqeeb Ludhi

	Name:
	Saqeeb Ludhi

	Title:
	Vice President

	 
	 

	 
	 

	
		
	 
	DEUTSCHE BANK AG NEW YORK BRANCH, as a

	 
	Lender

	 
	 

	By:
	/s/ Dusan Lazarov

	Name:
	Dusan Lazarov

	Title:
	Director

	 
	 

	 
	 

	By:
	/s/ Anca Trifan

	Name:
	Anca Trifan

	Title:
	Managing Director

	 
	 

	
		
	 
	JPMORGAN CHASE BANK, N.A., as a Lender

	 
	 

	 
	 

	By:
	/s/ Arina Mavilian

	Name:
	Arina Mavilian

	Title:
	Authorized Signatory

	 
	 

	 
	 

	
		
	 
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Ben J. Leonard

	Name:
	Ben J. Leonard

	Title:
	Vice President

	 
	 

	 
	 

	
		
	 
	FIFTH THIRD BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Jonathan H Lee

	Name:
	Jonathan H Lee

	Title:
	Director

	 
	 

	 
	 

	
		
	 
	SUMITOMO MITSUI BANKING CORPORATION, as

	 
	a Lender

	 
	 

	 
	 

	By:
	/s/ James D. Weinstein

	Name:
	James D. Weinstein

	Title:
	Managing Director

	 
	 

	 
	 

	
		
	 
	TORONTO DOMINION (NEW YORK) LLC, as a

	 
	Lender

	 
	 

	 
	 

	By:
	/s/ Annie Dorval

	Name:
	Annie Dorval

	Title:
	Authorized Signatory

	 
	 

	 
	 

	
		
	 
	EXPORT DEVELOPMENT CANADA, as a Lender

	 
	 

	 
	 

	By:
	/s/ Adam Smith

	Name:
	Adam Smith

	Title:
	Financing Manager

	 
	 

	 
	 

	By:
	/s/ Gabriela Gomez

	Name:
	Gabriela Gomez

	Title:
	Senior Financing Manager

	 
	 

	 
	 

	
		
	 
	GOLDMAN SACHS BANK USA, as a Lender

	 
	 

	 
	 

	By:
	/s/ Rebecca Kratz

	Name:
	Rebecca Kratz

	Title:
	Authorized Signatory

	 
	 

	 
	 

	
		
	 
	PNC BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Jonathan Luchansky

	Name:
	Jonathan Luchansky

	Title:
	Director

	 
	 

	 
	 

	
		
	 
	ZB, N.A. DBA AMEGY BANK, as a

	 
	Lender

	 
	 

	 
	 

	By:
	/s/ Kevin Donaldson

	Name:
	Kevin Donaldson

	Title:
	SVP

	 
	 

	 
	 

	
		
	 
	COMPASS BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Taylor Liedtke

	Name:
	Taylor Liedtke

	Title:
	Vice President

	 
	 

	 
	 

	
		
	 
	BNP PARIBAS, as a Lender

	 
	 

	 
	 

	By:
	/s/ Sriram Chandrasekaran

	Name:
	Sriram Chandrasekaran

	Title:
	Director

	 
	 

	 
	 

	By:
	/s/ Vincent Trapet

	Name:
	Vincent Trapet

	Title:
	Director

	 
	 

	 
	 

	
		
	 
	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

	 
	 

	 
	 

	By:
	/s/ Matt Molero

	Name:
	Matt Molero

	Title:
	Senior Vice President

	 
	 

	 
	 

	
		
	 
	CREDIT AGRICOLE CORPORATE AND

	 
	INVESTMENT BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Page Dillehunt

	Name:
	Page Dillehunt

	Title:
	Managing Director

	 
	 

	 
	 

	By:
	/s/ Ting Lee

	Name:
	Ting Lee

	Title:
	Director

	 
	 

	 
	 

	
		
	 
	DNB CAPITAL LLC, as a Lender

	 
	 

	 
	 

	By:
	/s/ Birgitta Perezic

	Name:
	Birgitta Perezic

	Title:
	First Vice President

	 
	 

	 
	 

	By:
	/s/ Christian Rynning

	Name:
	Christian Rynning

	Title:
	First Vice President

	 
	 

	 
	 

	
		
	 
	SUNTRUST BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Chulley Bogle

	Name:
	Chulley Bogle

	Title:
	Vice President

	 
	 

	 
	 

	
		
	 
	BRANCH BANKING AND TRUST COMPANY, as a

	 
	Lender

	 
	 

	 
	 

	By:
	/s/ Ryan K. Michael

	Name:
	Ryan K. Michael

	Title:
	Senior Vice President

	 
	 

	 
	 

	
		
	 
	CANADIAN IMPERIAL BANK OF COMMERCE,

	 
	NEW YORK BRANCH, as a Lender

	 
	 

	 
	 

	By:
	/s/ Trudy W. Nelson

	Name:
	Trudy W. Nelson

	Title:
	Authorized Signatory

	 
	 

	 
	 

	By:
	/s/ Donovan C. Broussard

	Name:
	Donovan C. Broussard

	Title:
	Authorized Signatory

	 
	 

	 
	 

	
		
	 
	COMERICA BANK, as a Lender

	 
	 

	 
	 

	By:
	/s/ Cassandra M. Lucas

	Name:
	Cassandra M. Lucas

	Title:
	Portfolio Manager

	 
	 

	 
	 

	
		
	 
	SANTANDER BANK, N.A., as a Lender

	 
	 

	 
	 

	By:
	/s/ Andres Barbosa

	Name:
	Andres Barbosa

	Title:
	Executive Director

	 
	 

	 
	 

SCHEDULE 2.01
COMMITMENTS
AND PRO RATA SHARES

QEP Resources, Inc. Credit Agreement

	
			
	Lender
	Commitment
	Pro Rata Share

	Wells Fargo Bank, National Association
	$120,000,000.00
	9.600000000%

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$105,000,000.00
	8.400000000%

	BMO Harris Financing, Inc.
	$105,000,000.00
	8.400000000%

	Citibank, N.A.
	$105,000,000.00
	8.400000000%

	Deutsche Bank AG New York Branch
	$105,000,000.00
	8.400000000%

	JPMorgan Chase Bank, N.A.
	$105,000,000.00
	8.400000000%

	U.S. Bank National Association
	$105,000,000.00
	8.400000000%

	Fifth Third Bank 
	$85,000,000.00
	6.800000000%

	Sumitomo Mitsui Banking Corporation
	$85,000,000.00
	6.800000000%

	Toronto Dominion (New York) LLC
	$85,000,000.00
	6.800000000%

	Export Development Canada
	$65,000,000.00
	5.200000000%

	Goldman Sachs Bank USA
	$65,000,000.00
	5.200000000%

	PNC Bank, National Association
	$65,000,000.00
	5.200000000%

	ZB, N.A. dba Amegy Bank
	$50,000,000.00
	4.000000000%

	Total
	$1,250,000,000.00
	100.000000000%

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