Document:

EXHIBIT 10.1

 

EXECUTION VERSION

 

TWELFTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT, dated as of March 24, 2014 (this “Amendment”), between NEW MOUNTAIN FINANCE HOLDINGS, L.L.C., a Delaware limited liability company (the “Borrower”), WELLS FARGO SECURITIES, LLC, a Delaware limited liability company (the “Administrative Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as a lender (the “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral custodian (the “Collateral Custodian”).

 

WHEREAS, the Borrower, the Administrative Agent, the Lender, the other lenders party from time to time thereto and the Collateral Custodian are parties to the Amended and Restated Loan and Security Agreement, dated as of May 19, 2011 (as amended from time to time prior to the date hereof, the “Loan and Security Agreement”), providing, among other things, for the making and the administration of the Advances by the lenders to the Borrower; and

 

WHEREAS, the Borrower, the Administrative Agent, the Collateral Custodian and the Lender desire to amend the Loan and Security Agreement, in accordance with Section 12.1 thereof and subject to the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.1.                                          Defined Terms.  Terms used but not defined herein have the respective meanings given to such terms in the Loan and Security Agreement.

 

ARTICLE II

 

Amendments to Loan and Security Agreement

 

SECTION 2.1.                                          The definition of “Collections” in Section 1.1 of the Loan and Security Agreement is hereby amended by inserting the following at the end of such definition:

 

“For the avoidance of doubt, any amounts received from the SBIC SPV or the SBIC GP SPV shall not constitute Collections.”

 

SECTION 2.2.                                          The definition of “Interest Collections” in Section 1.1 of the Loan and Security Agreement is hereby amended by (i) replacing the word “and” with a comma immediately preceding clause (y) of such definition and (ii) inserting the following at the end of such definition, immediately after the words “Principal Collections”:

 

 

“and (z) any amounts received by the Borrower from the SBIC SPV or the SBIC GP SPV”.

 

SECTION 2.3.                                          The definition of “ Principal Collections” in Section 1.1 of the Loan and Security Agreement is hereby amended by inserting the following at the end of such definition, immediately following the words “Collateral Custodian”:

 

“(including, without limitation, all amounts received by the Borrower from the Existing SPV that were distributed to the Existing SPV pursuant to any of Section 2.7(b)(11), 2.7(c) or 2.8(8) of the Existing SPV LSA, and, subject to the following sentence, all other amounts received from any other SPV, unless otherwise agreed to in writing by the Administrative Agent).  Notwithstanding the foregoing, the Administrative Agent hereby agrees that any amounts received by the Borrower from the SBIC SPV or the SBIC GP SPV shall not constitute Principal Collections.”

 

SECTION 2.4.                                          The definition of “Principal Collection Account” in Section 1.1 of the Loan and Security Agreement is hereby amended by deleting the following from the end of such definition:

 

“(including, without limitation, all amounts received by the Borrower from the Existing SPV that were distributed to the Existing SPV pursuant to any of Section 2.7(b)(11), 2.7(c) or 2.8(8) of the Existing SPV LSA, and all other amounts received from any other SPV, unless otherwise agreed to in writing by the Administrative Agent)”.

 

SECTION 2.5.                                          Section 1.1 of the Loan and Security Agreement is hereby amended by deleting the definition of “SPV” in its entirety and replacing it with the following:

 

“SPV”: (a) the Existing SPV, (b) the SBIC SPV, (c) the SBIC GP SPV or (d) any other wholly-owned direct or indirect Subsidiary of the Borrower established with the prior written consent of the Administrative Agent.

 

SECTION 2.6.                                          Section 1.1 of the Loan and Security Agreement is hereby amended by inserting the following definitions in the correct alphabetical order:

 

“SBIC GP SPV”:  New Mountain Finance SBIC GP, L.L.C.

 

“SBIC SPV”: New Mountain Finance SBIC, L.P.

 

SECTION 2.7.                                          Section 5.2(e) of the Loan and Security Agreement is hereby amended by inserting the following at the end of such section:

 

“, or (d) such Restricted Payment is being made from amounts received as a dividend, distribution or other payment from the SBIC SPV or the SBIC GP SPV”.

 

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ARTICLE III

 

Representations and Warranties

 

SECTION 3.1.                                          The Borrower hereby represents and warrants to the Administrative Agent and the Lender that, as of the date first written above, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan and Security Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

 

ARTICLE IV

 

Conditions Precedent

 

SECTION 4.1.                                          This Amendment shall become effective upon the execution and delivery of this Amendment by the parties hereto.

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.1.                                          Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 5.2.                                          Severability Clause.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 5.3.                                          Ratification.  Except as expressly amended hereby, the Loan and Security Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Amendment shall form a part of the Loan and Security Agreement for all purposes.

 

SECTION 5.4.                                          Counterparts.  The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement.  Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION 5.5.                                          Headings.  The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

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

 

 

	
 
    	
NEW   MOUNTAIN FINANCE HOLDINGS, L.L.C., as the Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David M. Cordova
    
	
 
    	
 
    	
Name:   David M. Cordova
    
	
 
    	
 
    	
Title:   Chief Financial Officer and Treasurer
    

 

[Signature Page to Twelfth Amendment to A&R Loan and Security Agreement]

 

 

	
 
    	
WELLS   FARGO SECURITIES, LLC,
    
	
 
    	
as   Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Allan Schmitt 
    
	
 
    	
 
    	
Name:   Allan Schmitt
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION,
    
	
 
    	
representing   100% of the aggregate Commitments of the Lenders in effect as of the date   hereof
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Raj Shah 
    
	
 
    	
 
    	
Name:   Raj Shah
    
	
 
    	
 
    	
Title:   Managing Director
    

 

[Signature Page to Twelfth Amendment to A&R Loan and Security Agreement]

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Collateral Custodian
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Roth 
    
	
 
    	
 
    	
Name:   Michael Roth
    
	
 
    	
 
    	
Title:   V.P.
    

 

[Signature Page to Twelfth Amendment to A&R Loan and Security Agreement]Exhibit 4.1

 

Execution Version

 

CLOUD PEAK ENERGY RESOURCES LLC

 

and

 

CLOUD PEAK ENERGY FINANCE CORP., as Issuers,

 

CLOUD PEAK ENERGY INC., as Guarantor,

 

WILMINGTON TRUST COMPANY, as Trustee,

 

and

 

CITIBANK, N.A., as Securities Administrator

 

 

FIFTH SUPPLEMENTAL INDENTURE

 

Dated as of March 25, 2014

 

to

 

Indenture

 

Dated as of November 25, 2009

 

8.250% Senior Notes due 2017

 

8.500% Senior Notes due 2019

 

 

THIS FIFTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 25, 2014, is by and among Cloud Peak Energy Resources LLC, a Delaware limited liability company (the “Company”), Cloud Peak Energy Finance Corp., a Delaware corporation (the “Co-Issuer” and together with the Company, the “Issuers”), Cloud Peak Energy Inc., a Delaware corporation (the “Parent Guarantor”), Wilmington Trust Company, a Delaware banking corporation, as trustee (the “Trustee”), and Citibank, N.A., a national banking association, as securities administrator (the “Securities Administrator”).

 

WHEREAS, the Issuers, the Guarantors party thereto, the Trustee and the Securities Administrator have heretofore executed and delivered that certain Indenture, dated as of November 25, 2009 (as heretofore supplemented, the “Indenture”);

 

WHEREAS, Section 9.01 of the Indenture provides that, without notice to or the consent of any Noteholders, the Issuers, the Trustee and the Securities Administrator may enter into an indenture supplemental to the Indenture for the purpose of amending or supplementing the Indenture or the Notes in order to, among other things, provide for any Guarantee of the Notes;

 

WHEREAS, the Parent Guarantor wishes to Guarantee all of the outstanding Notes, and thereafter the Company intends to satisfy its obligations set forth in Section 4.16(a) of the Indenture by providing the reports of the Parent Guarantor in lieu of its own reports;

 

WHEREAS, the execution and delivery of this Supplemental Indenture have been authorized by each of the Issuers and the Parent Guarantor; and

 

WHEREAS, the Company desires and has requested the Trustee and the Securities Administrator to join with the Issuers and the Parent Guarantor in entering into this Supplemental Indenture for the purpose of supplementing the Indenture to add the Parent Guarantor as a Guarantor as permitted by Section 9.01(6) thereof and as contemplated by Section 4.16(a) thereof;

 

NOW, THEREFORE, in consideration of the above premises, each party hereby agrees, for the benefit of the others and for the equal and ratable benefit of the Noteholders, as follows:

 

ARTICLE I

 

ADDITION OF GUARANTOR

 

Section 1.1            Addition of Guarantor.  The Parent Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to Article 10 thereof. The Note Guaranty of the Parent Guarantor may be released in accordance with the Indenture.

 

Section 1.2            Amendments To Certain Definitions.  “Guarantor” is hereby deleted in its entirety from Section 1.01 of the Indenture and replaced with the following defined term.

 

“Guarantor” means (i) each Restricted Subsidiary of the Company in existence on the Issue Date (other than the Co-Issuer) that Guarantees the Credit Agreement, (ii) each Restricted Subsidiary that executes a supplemental indenture in the form of Exhibit B to this Indenture providing for the guaranty of the payment of the Notes, (iii) Holdings and (iv) any successor obligor under its Note Guaranty pursuant to Section 5.03, in each case unless and until such Guarantor is released from its Note Guaranty pursuant to this Indenture.

 

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ARTICLE II

 

MISCELLANEOUS PROVISIONS

 

Section 2.1            Defined Terms.  For all purposes of this Supplemental Indenture, except as otherwise defined or unless the context otherwise requires, terms used in capitalized form in this Supplemental Indenture and defined in the Indenture have the meanings specified in the Indenture.

 

Section 2.2            Indenture.  Except as supplemented hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the terms shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby and all terms and conditions of both shall be read together as though they constitute a single instrument, except that in the case of conflict the provisions of this Supplemental Indenture shall control.

 

Section 2.3            Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 2.4            Successors.  All agreements of the Parent Guarantor in this Supplemental Indenture shall bind its successors.

 

Section 2.5            Duplicate Originals.  All parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together shall represent the same agreement.  It is the express intent of the parties to be bound by the exchange of signatures on this Supplemental Indenture via telecopy or other form of electronic transmission.

 

Section 2.6            Severability.  In case any one or more of the provisions in this Supplemental Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the fullest extent permitted by law.

 

Section 2.7            Disclaimer.  The Trustee and the Securities Administrator accept the amendments of the Indenture effected by this Supplemental Indenture and agree to execute the trust created by the Indenture as hereby amended, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee and the Securities Administrator, which terms and provisions shall in like manner define and limit their respective liabilities and responsibilities in the performance of the trust created by the Indenture as hereby amended, and without limiting the generality of the foregoing, neither the Trustee nor the Securities Administrator shall be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Issuers and the Parent Guarantor, and neither the Trustee nor the Securities Administrator makes any representation with respect to any such matters. Additionally, neither the Trustee nor the Securities Administrator makes any representations as to the validity or sufficiency of this Supplemental Indenture.

 

Section 2.8            Effectiveness.  The provisions of this Supplemental Indenture shall be effective upon execution and delivery of this instrument by the parties hereto.

 

Section 2.9            Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year written above.

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
CLOUD PEAK ENERGY RESOURCES LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bryan Pechersky
    
	
 
    	
 
    	
Bryan   Pechersky
    
	
 
    	
 
    	
Senior   Vice President, General Counsel and
    
	
 
    	
 
    	
Corporate   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CO-ISSUER:
    
	
 
    	
 
    	
 
    
	
 
    	
CLOUD PEAK ENERGY FINANCE CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bryan Pechersky
    
	
 
    	
 
    	
Bryan   Pechersky
    
	
 
    	
 
    	
Senior   Vice President, General Counsel and
    
	
 
    	
 
    	
Corporate   Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARENT GUARANTOR:
    
	
 
    	
 
    
	
 
    	
CLOUD PEAK ENERGY INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bryan Pechersky
    
	
 
    	
 
    	
Bryan   Pechersky
    
	
 
    	
 
    	
Senior   Vice President, General Counsel and
    
	
 
    	
 
    	
Corporate   Secretary
    

 

[Signature Page to Fifth Supplemental Indenture]

 

 

	
 
    	
TRUSTEE:
    
	
 
    	
 
    	
 
    
	
 
    	
WILMINGTON   TRUST COMPANY, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ W. Thomas Morris, II
    
	
 
    	
 
    	
Vice President
    

 

[Signature Page to Fifth Supplemental Indenture]

 

 

	
 
    	
SECURITIES   ADMINISTRATOR:
    
	
 
    	
 
    	
 
    
	
 
    	
CITIBANK,   N. A., as Securities Administrator
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Wafaa Orfy
    
	
 
    	
 
    	
Vice President
    

 

[Signature Page to Fifth Supplemental Indenture]

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