Document:

Exhibit

    

Exhibit 10.44

September 1, 2016

EXCO Resources, Inc.
12377 Merit Drive
Suite 1700
Dallas, Texas  75251
Attention:  Chief Financial Officer
    

Re:    Limited Consent

Ladies and Gentleman:

Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of July 31, 2013, among EXCO Resources, Inc., a Texas corporation, as the Borrower, certain Subsidiaries of the Borrower, as Guarantors, the lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Credit Agreement.  References herein to any Section shall be to a Section of the Credit Agreement unless otherwise specifically provided.

Pursuant to Sections 3.02, 3.03, and 3.04, the next Scheduled Redetermination of the Borrowing Base shall occur on or about September 1, 2016.  The Borrower has requested that the Scheduled Redetermination to occur on or about September 1, 2016 be postponed until November 1, 2016.  Subject to the terms and conditions described herein, the Administrative Agent and the Lenders (or at least the required percentage thereof) are willing to postpone the Scheduled Redetermination to occur on or about September 1, 2016 until November 1, 2016 (the “Postponed Redetermination”).

The Borrower has also informed the Administrative Agent that the Credit Parties desire to offer the Borrowing Base Properties generally described on Schedule I attached hereto for sale (collectively, the “Specified Properties” and each, a “Specified Property”), and that the Credit Parties expect such sales to occur prior to the postponed Scheduled Redetermination requested by Borrower above. Section 7.03(a)(vii) prohibits the sale, transfer or other Disposition of Borrowing Base Properties by the Credit Parties unless the Engineered Value of all Borrowing Base Properties sold, transferred or otherwise Disposed of between Scheduled Redeterminations does not exceed five percent (5%) of the Borrowing Base most recently determined. In connection with such proposed sales, the Borrower has requested, to the extent required under the Credit Agreement, that the Administrative Agent and the Lenders (or at least the required percentage thereof) consent to the sale of each Specified Property.  Subject to the terms and conditions described herein, to the extent required under the Credit Agreement, the 

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent – Page 1

Administrative Agent and the Lenders (or at least the required percentage thereof) are willing to consent to the sale, transfer or other Disposition of the Specified Properties.

Accordingly, subject to the terms and conditions set forth below, and in reliance on the representations, warranties, acknowledgments and agreements contained herein, the Administrative Agent and the Lenders (or at least the required percentage thereof) hereby consent and agree to:

(a)    the Postponed Redetermination; provided that, from and after the date hereof and until the date such Postponed Redetermination becomes effective, (i) the Borrower shall not request that (A) the Lenders make any Loans and/or (B) the Issuing Bank issue, amend, renew or extend any Letter of Credit, if at the time of and immediately after giving effect to such Borrowing or issuance, amendment, renewal or extension of such Letter of Credit, as applicable, the Aggregate Revolving Credit Exposure would exceed $300,000,000 and (ii) Borrower and the other Credit Parties agree that any request made in violation of clause (i) above shall be null and void and Lenders shall not be obligated to make any Loans and the Issuing Bank shall not be obligated to issue, amend, renew or extend any Letter of Credit pursuant to any such request; provided further, that notwithstanding the foregoing, the Borrower shall be permitted to use the existing Borrowing Base amount of $325,000,000 for purposes of calculating the Consolidated Current Ratio for the fiscal quarter ending September 30, 2016; and 

(b)    the sale, transfer or other Disposition of each Specified Property, notwithstanding the restrictions contained in Section 7.03(a)(vii); provided that:

(i)    the sale of such Specified Property is consummated prior to November 1, 2016;

(ii)    on the date such sale is consummated, no Default or Event of Default has occurred and is continuing or would result from such sale; 

(iii)    the consideration received in respect of such sale shall be equal to or greater than the fair market value of such Specified Property (as reasonably determined by the chief executive officer or the president (pursuant to authority provided for in the Organizational Documents of the Borrower or under separate authorizing resolutions of the Board of Directors of the Borrower) or the Board of Directors of the Borrower, and if requested by the Administrative Agent or the Required Lenders, the Borrower shall deliver a certificate of a Responsible Officer certifying to that effect); and

(iv)    one hundred percent (100%) of the consideration received from such sale shall be in the form of cash or Permitted Investments.

As consideration for the agreements set forth herein, the Borrower hereby agrees to pay to J.P. Morgan Securities LLC (“J.P. Morgan”) for the account of each Lender that executes this limited consent before 2:00 p.m. (Dallas, Texas time) on Thursday, September 1, 2016 (each such Lender a “Consenting Lender”), a consent fee in an amount equal to the sum of 10 basis points 

 
JPMorgan Chase Bank, N.A. – EXCO – Limited Consent – Page 2

of each Consenting Lender’s Commitment, which consent fee shall be due and payable on the effective date of this limited consent and shall be allocated to the Consenting Lenders based on their Applicable Percentage on the date hereof.

The entire amount of the fees payable hereunder will be fully earned upon becoming due and payable in accordance with the terms hereof.  All fees payable hereunder shall be paid in immediately available funds and shall be in addition to reimbursement of our out-of-pocket expenses and any other fees specified in the Credit Agreement and the other Loan Documents.  The Borrower agrees that, once paid, the fees or any part thereof payable hereunder shall not be refundable under any circumstances. The Borrower agrees that J.P. Morgan may share the fees payable hereunder with the other Lenders as set forth above.

By its signature below, each Credit Party agrees that, except as expressly set forth above, nothing herein shall be construed as (a) a consent or agreement to, a waiver or continuing waiver of or a modification of  any of the provisions of the Credit Agreement or any other Loan Documents, including  Sections 3.02, 3.03, 3.04 or 7.03(a)(vii), (b) a consent by the Lenders to allow the Borrower or any other Credit Party to sell, transfer or otherwise dispose of any other Borrowing Base Properties under Section 7.03(a)(vii) other than as expressly permitted under the Credit Agreement, or (c) a waiver of any Default or Event of Default now existing or hereafter arising under the Credit Agreement or any other Loan Document.  The consent set forth herein is expressly limited as follows: (x) such consent is limited solely to the postponement of the Scheduled Redetermination and sale of the Specified Properties, and (y) such consent is a limited one-time consent, and nothing contained herein shall obligate the Lenders to grant any additional or future consent, or to grant (i) any waiver of Sections 3.02, 3.03, 3.04 or 7.03(a)(vii) or any other provision of the Credit Agreement or any other Loan Document or (ii) any waiver of any Default or Event of Default now existing or hereafter arising under the Credit Agreement or any other Loan Document.

By its signature below, each Credit Party hereby (a) acknowledges and agrees that the Credit Agreement and the other Loan Documents are hereby ratified and confirmed in all respects and shall remain in full force and effect; (b) ratifies and reaffirms its obligations under, and acknowledges, renews and extends its continued liability under, the Credit Agreement and each other Loan Document to which it is a party; (c) ratifies and reaffirms all of the Liens securing the payment and performance of the Obligations; (d) represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof, (i) all of the representations and warranties contained in the Credit Agreement and each Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such specified earlier date, and (ii) no Default or Event of Default has occurred and is continuing and (e) acknowledges and agrees that this letter agreement shall constitute a Loan Document for all purposes and in all respects.

This limited consent shall become effective as of the date first written above when and only when the Administrative Agent shall have received duly executed counterparts of this limited consent signed by each Credit Party and the Lenders (or at least the required percentage thereof).

 
JPMorgan Chase Bank, N.A. – EXCO – Limited Consent – Page 3

This limited consent shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.  This limited consent may be executed in counterparts with each counterpart constituting an original and all of the counterparts, once executed, constituting but one original.  Delivery of an executed counterpart by facsimile or other electronic means shall be effective as delivery of an original executed counterpart.

[Signature Pages Follow]

 
JPMorgan Chase Bank, N.A. – EXCO – Limited Consent – Page 4

If the foregoing is acceptable to you, please execute a copy of this limited consent in the spaces provided below to evidence your acceptance and approval of the foregoing and return a fully-executed counterpart of this limited consent to the attention of the undersigned.

Very truly yours,

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and a Lender 

By: /s/ David Morris                
Name:    David Morris
Title:    Authorized Officer

J.P. MORGAN SECURITIES LLC,
as Sole Bookrunner and Co-Lead Arranger 

By: /s/ Catherine O'Donnell            
Name:    Catherine O’Donnell
Title:    Authorized Officer

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

BMO HARRIS BANK N.A., 
as a Lender 

 
By:    /s/ James V. Ducote             
Name: James V. Ducote  
Title: Managing Director

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

UBS AG, STAMFORD BRANCH, 
as a Lender 

 
By:    /s/ Craig Pearson                 
Name:  Craig Pearson
Title: Associate Director

By:    /s/ Darlene Arias                 
Name:  Darlene Arias        
Title: Director

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

CREDIT SUISSE AG, Cayman Islands Branch, 
as a Lender 
 

By:    /s/ Michael A. Criscito             
Name: Michael A. Criscito
Title: Authorized Signatory

By:    /s/ Julia Bykhovskaia                 
Name: Julia Bykhovskaia  
Title: Authorized Signatory

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

NATIXIS,  
as a Lender 

 
By:    /s/ Brice Le Foyer                 
Name: Brice Le Foyer 
Title: Director

By:    /s/ Vikram Nath                 
Name:  Vikram Nath
Title: Vice President

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

DEUTSCHE BANK AG NEW YORK BRANCH,  
as a Lender 

 
By:    /s/ Dusan Lazarov                 
Name:  Dusan Lazarov
Title: Director

By:    /s/ Peter Cucchiara                 
Name: Peter Cucchiara  
Title: Vice President

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

GOLDMAN SACHS BANK USA,  
as a Lender 

 
By:    /s/ Mehmet Barlas                 
Name: Mehmet Barlas  
Title: Authorized Signatory

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

CAPITAL ONE, NATIONAL ASSOCIATION, 
as a Lender

By:    /s/ Daryl Stafford                 
Name: Daryl Stafford  
Title: Vice President

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

CIT FINANCE LLC, as a Lender

By:    /s/ Katya Evseev                 
Name: Katya Evseev 
Title: Vice President

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

ING CAPITAL LLC, as a Lender

By:    /s/ Charles Hall                 
Name: Charles Hall  
Title: Managing Director

By:    /s/ Josh Strong                  
Name: Josh Strong
Title: Director

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

ACCEPTED AND AGREED TO:
BORROWER:
EXCO RESOURCES, INC.
By: /s/ Christopher C. Peracchi                                      
Name: Christopher C. Peracchi
Title: Vice President, acting Chief Financial Officer and Treasurer

GUARANTORS:
EXCO HOLDING (PA), INC. 
EXCO PRODUCTION COMPANY (PA), LLC 
EXCO PRODUCTION COMPANY (WV), LLC 
EXCO RESOURCES (XA), LLC 
EXCO SERVICES, INC. 
EXCO MIDCONTINENT MLP, LLC 
EXCO PARTNERS GP, LLC 
EXCO PARTNERS OLP GP, LLC 
EXCO HOLDING MLP, INC.
EXCO LAND COMPANY, LLC
By: /s/ Christopher C. Peracchi                                      
Name: Christopher C. Peracchi
Title: Vice President, acting Chief Financial Officer and Treasurer

EXCO OPERATING COMPANY, LP

By:     EXCO Partners OLP GP, LLC,  
    its general partner
By: /s/ Christopher C. Peracchi                                      
Name: Christopher C. Peracchi
Title: Vice President, acting Chief Financial Officer and Treasurer

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

EXCO GP PARTNERS OLD, LP

By:    EXCO Partners GP, LLC, 
    its general partner
By: /s/ Christopher C. Peracchi                                      
Name: Christopher C. Peracchi
Title: Vice President, acting Chief Financial Officer and Treasurer

RAIDER MARKETING, LP

By:    Raider Marketing GP, LLC,  
    its general partner
By: /s/ Steven L. Estes                                                   
Name: Steven L. Estes
Title: President

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Signature Page

Schedule I

Specified Properties

See attached.

JPMorgan Chase Bank, N.A. – EXCO – Limited Consent
Schedule IEXHIBIT 10.1

 

 

EL CAPITAN PRECIOUS METALS, INC.

 

AMENDMENT NO. 4 TO

2015 EQUITY INCENTIVE PLAN

 

 

This Amendment No. 4 dated
October 31, 2016 (this “Amendment”) amends the 2015 Equity Incentive Plan of El Capitan Precious Metals, Inc.
(the “Company”) (the “Plan”). Except as otherwise explicitly set forth herein, all provisions
of the Plan shall remain in full force and effect. Capitalized terms used in this Amendment without definition shall have the meanings
set forth in the Plan.

 

WHEREAS, the Plan was adopted
by the Company pursuant to resolutions of the Board of Directors on October 8, 2015 and has been subsequently amended by Amendment
No. 1 dated December 15, 2015, Amendment No. 2 dated April 22, 2016 and Amendment No. 3 dated August 4, 2016;

 

WHEREAS, the Company desires
to further amend the Plan as hereinafter provided in order to increase the number of shares of Common Stock issuable under the
Plan from 50,000,000 to 75,000,000; and

 

WHEREAS, the Board of
Directors approved the substance of this Amendment as of October 31, 2016 and, accordingly, the Company desires to amend the Plan
as hereinafter provided.

 

NOW, THEREFORE, the Plan is hereby amended as
follows:

 

1.     Increase
in Number of Shares Subject to the Plan.  Section 3.1 of the Plan is amended to read in its entirety as follows:

 

“3.1. Number
of Shares. Subject to adjustment in connection with a Capitalization Adjustment, the number of shares of Common Stock which
may be issued under the Plan shall not exceed 75,000,000 shares of Common Stock. Shares of Common Stock that are issued under the
Plan or are subject to outstanding Incentives will be applied to reduce the maximum number of shares of Common Stock remaining
available for issuance under the Plan. For purposes of clarification, the award of any Incentives payable only in cash will not
reduce the number of shares of Common Stock remaining and available to be issued under the Plan. Shares may be issued in connection
with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section
303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available
for issuance under the Plan”

 

2.     Effective
Date.  This Amendment shall be effective as of the date hereof.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]