Document:

EX-10.2

 Exhibit 10.2 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of April 22, 2014 (the
“Effective Date”), among ARMADA HOFFLER, L.P., a Virginia limited partnership (“Borrower”), ARMADA HOFFLER PROPERTIES, INC., a Maryland corporation (“Parent”), each Lender that
is a party hereto, and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, “Administrative Agent”) and L/C Issuer. 

R E C I T A L S 

A. Reference is hereby made to that certain Credit Agreement dated as of May 13, 2013 (as modified, amended, renewed, extended, or
restated from time to time, the “Credit Agreement”), executed by Borrower, Parent, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer (Administrative Agent, L/C Issuer, and Lenders
are individually referred to herein as a “Credit Party” and collectively referred to herein as the “Credit Parties”). 

B. Borrower, Parent, Administrative Agent and the Lenders desire to amend the Maximum Leverage Ratio covenant and otherwise modify
certain provisions contained in the Credit Agreement, in each case subject to the terms and conditions set forth herein. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Terms and References. Unless otherwise stated in this Amendment (a) terms defined in the Credit Agreement have the
same meanings when used in this Amendment, and (b) references to “Sections” are to the Credit Agreement’s sections. 

2. Amendments to the Credit Agreement. Section 9.15(a) is hereby deleted in its entirety and
replaced with the following: 
 (a) Maximum Leverage Ratio. Permit the Total Leverage Ratio, as of the last day
of any fiscal quarter of Parent set forth below to exceed an amount equal to the amount set forth below opposite such period: 
  

					
	 Fiscal Quarter Ending
	  	 Maximum
Leverage Ratio
	 
	 Closing Date through March 31, 2016
	  	 	65	% 
	 June 30, 2016 and each fiscal quarter thereafter
	  	 	60	% 

 3. Amendments to other Loan Documents. 

(a) All references in the Loan Documents to the Credit Agreement shall henceforth include references to the Credit Agreement, as
modified and amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased. 
 Armada
Hoffler, L.P. 
 First Amendment 

 (b) Any and all of the terms and provisions of the Loan Documents are hereby amended and
modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments and modifications set forth herein. 

4. Conditions Precedent. This Amendment shall not be effective unless and until: 

(a) Administrative Agent receives fully executed counterparts of this Amendment signed by Borrower, Parent, Guarantors and the Credit
Parties; 
 (b) the representations and warranties in the Credit Agreement, as amended by this Amendment, and each other Loan
Document are true and correct on and as of the date of this Amendment as though made as of the date of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 7.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b) , respectively, of Section 8.01; 

(c) after giving effect to this Amendment, no Default exists; and 

(d) Borrower pays (i) all applicable fees owed to Arranger or Administrative Agent for the benefit of the Lenders, and
(ii) the reasonable fees and expenses of Administrative Agent’s counsel. 
 5. Ratifications. Each of Borrower and
Parent (a) ratifies and confirms all provisions of the Loan Documents as amended by this Amendment, (b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to Administrative Agent and Lenders
under the Loan Documents are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee, assure, and secure full payment and performance of all present and future Obligations, and (c) agrees to perform
such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents, and certificates as Administrative Agent may request in order to create, perfect, preserve, and protect those guaranties, assurances, and liens.

 6. Representations. Each of Borrower and Parent represents and warrants to Administrative Agent and Lenders that as of the
date of this Amendment: (i) this Amendment has been duly authorized, executed, and delivered by each of Borrower, Parent and Guarantors; (ii) no action of, or filing with, any Governmental Authority is required to authorize, or is
otherwise required in connection with, the execution, delivery, and performance by Borrower, Parent or Guarantors of this Amendment; (iii) the Loan Documents, as amended by this Amendment, are valid and binding upon Borrower, Parent and
Guarantors and are enforceable against each of Borrower, Parent and Guarantors in accordance with their respective terms, except as limited by Debtor Relief Laws; (iv) the execution, delivery, and performance by each of Borrower, Parent and
Guarantors of this Amendment do not require the consent of any other Person and do not and will not constitute a violation of any Laws, agreements, or understandings to which Borrower, Parent or any Guarantor is a party or by which Borrower, Parent
or any Guarantor is bound; (v) all representations and warranties in the Loan Documents are true and correct, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true
and correct as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 7.05 shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 8.01; (vi) no Default exists; and (vii) no amendments have been made to the Organization Documents of Borrower, Parent and Guarantors, as applicable, since October 10, 2013. 

 

  

			
		 	 Armada Hoffler, L.P.

First Amendment
 Page
2

 7. Continued Effect. Except to the extent amended hereby, all terms, provisions and
conditions of the Credit Agreement and the other Loan Documents, and all documents executed in connection therewith, shall continue in full force and effect and shall remain enforceable and binding in accordance with their respective terms. 

8. Miscellaneous. Unless stated otherwise (a) the singular number includes the plural and vice versa and words of
any gender include each other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this Amendment must be construed — and its performance enforced — under New York
law, (d) if any part of this Amendment is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable, (e) this Amendment may be executed in any number of counterparts with the same effect as if all
signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document, and (f) delivery of an executed counterpart of a signature page to this Amendment by telecopier, electronic mail
or other electronic delivery shall be effective as delivery of a manually executed counterpart of this Amendment. 
 9.
Parties. This Amendment binds and inures to Borrower, Parent and the Credit Parties and their respective successors and permitted assigns. 

10. Release. EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT THE OBLIGATIONS HEREUNDER AND UNDER THE OTHER LOAN DOCUMENTS ARE ABSOLUTE AND
UNCONDITIONAL WITHOUT ANY RIGHT OF RECISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY SUCH
OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER. EACH LOAN PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES EACH CREDIT PARTY, AND EACH CREDIT PARTY’S PREDECESSORS, AGENTS, EMPLOYEES,
SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER ARISING FROM OR UNDER THE LOAN DOCUMENTS, AND
THE TRANSACTION EVIDENCED THEREBY, WHETHER KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE HEREOF WHICH ANY LOAN
PARTY MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR,
CHARGING, TAKING, RESERVING, COLLECTING, OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE. 
  

  

			
		 	 Armada Hoffler, L.P.

First Amendment
 Page
3

 11. ENTIRETIES. THE CREDIT
AGREEMENT AS AMENDED BY THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN
THE PARTIES ABOUT THE SUBJECT MATTER OF THE CREDIT AGREEMENT AS
AMENDED BY THIS AMENDMENT 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. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]  

  

			
		 	 Armada Hoffler, L.P.

First Amendment
 Page
4

 EXECUTED as of the date first stated above. 

 

					
	BORROWER:
	
	ARMADA HOFFLER, L.P., a Virginia limited partnership
		
	 By: 
	 	ARMADA HOFFLER PROPERTIES, INC., a Maryland corporation, its general partner
			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	Name: Louis S. Haddad
		 		 	Title:   President & CEO
	
	PARENT:
	
	 ARMADA HOFFLER PROPERTIES, INC., 

a Maryland corporation

		
	 By: 
	 	/s/ Louis S. Haddad
		 	Name: Louis S. Haddad
		 	Title:   President & CEO

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
			
	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer
		
	 By: 
	 	/s/ Patricia H. Gardenhire
		 	Name: Patricia H. Gardenhire
		 	Title:   Vice President

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
			
	LENDERS:
	
	 BANK OF AMERICA, N.A., as a Lender

		
	 By: 
	 	 /s/ Patricia H. Gardenhire

		 	Name: Patricia H. Gardenhire
		 	Title:   Vice President

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
			
	REGIONS BANK, as a Lender
		
	 By: 
	 	/s/ Ghi S. Gavin
		 	Name: Ghi S. Gavin
		 	Title:   Senior Vice President

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
			
	 PNC BANK, NATIONAL ASSOCIATION, 

as a Lender

		
	By: 	 	/s/ Kinnery Clinebell
		 	Name: Kinnery Clinebell
		 	Title:   Assistant Vice President

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 To induce the Credit Parties to enter into this Amendment, the undersigned hereby (a) consent and agree to
its execution and delivery and the terms and conditions thereof, (b) agree that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any guaranties, assurances, or other obligations or undertakings of
any of the undersigned under any Loan Documents, (c) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative
Agent and Lenders and their respective successors and permitted assigns, and (d) expressly acknowledge and agree to the terms and conditions of Section 10 of this Amendment. 

 

											
	 ARMADA HOFFLER MANAGER, LLC,

a Virginia limited liability company

		
	 By: 
	 	/s/ Louis S. Haddad
		 	 Louis S. Haddad

Manager

	
	 NEW ARMADA HOFFLER PROPERTIES I, LLC,

a Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER, L.P.,
 a Virginia
limited partnership,
 its sole member

			
		 	By: 	 	 ARMADA HOFFLER PROPERTIES, INC.,

a Maryland corporation, its general partner

				
		 		 	By: 	 	/s/ Louis S. Haddad
		 		 		 	 Louis S. Haddad
 President and
CEO

	
	 NEW ARMADA HOFFLER PROPERTIES II, LLC,

a Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER, L.P.,
 a Virginia
limited partnership,
 its sole member

			
		 	By: 	 	 ARMADA HOFFLER PROPERTIES, INC.,

a Maryland corporation, its general partner

				
		 		 	By: 	 	/s/ Louis S. Haddad
		 		 		 	Louis S. Haddad
		 		 		 	President and CEO

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
			
	 TOWER MANAGER, LLC, 

a Virginia limited liability company

		
	 By: 
	 	/s/ Louis S. Haddad
		 	 Louis S. Haddad
 Manager

  

			
	 AHP HOLDING, INC.,
 a
Virginia corporation

		
	By: 	 	/s/ Louis S. Haddad
		 	 Louis S. Haddad
 President and
CEO

  

					
	 LAKE VIEW AH-VNG, LLC,
 a
Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	 By: 
	 	/s/ Louis S. Haddad
		 		 	Louis S. Haddad
		 		 	Manager

  

					
	WILLIAMSBURG MEDICAL BUILDING, LLC, a Virginia limited liability company
		
	 By:
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
					
	 ARMADA HOFFLER TOWER 4, L.L.C., 

a Virginia limited liability company

		
	By: 	 	 TOWER MANAGER, LLC,
 a Virginia
limited liability company,
 its manager

		 		 	
		 	By: 	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  

					
	 AH RICHMOND TOWER I, LLC,
 a
Virginia limited liability company

		
	By: 	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  

					
	 AH COLUMBUS II, L.L.C.,
 a
Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	Louis S. Haddad
		 		 	Manager

  

					
	 COLUMBUS TOWER, L.L.C.,

a Virginia limited liability company

		
	By: 	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
					
	 FERRELL PARKWAY ASSOCIATES, L.L.C.,

a Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	Louis S. Haddad
		 		 	Manager

  

					
	 COURTHOUSE MARKETPLACE OUTPARCELS, L.L.C.,

a Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	 By: 
	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  

							
	 ARMADA/HOFFLER CHARLESTON ASSOCIATES, L.P.,

a Virginia limited partnership

		
	 By: 
	 	 GATEWAY CENTRE, L.L.C.,
 a Virginia
limited liability company,
 its general partner

			
		 	 By: 
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

				
		 		 	 By: 
	 	/s/ Louis S. Haddad
		 		 		 	Louis S. Haddad
		 		 		 	Manager

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit Agreement 

 
					
	 GATEWAY CENTRE, L.L.C.,
 a
Virginia limited liability company

		
	 By: 
	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	 By: 
	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  

							
	 NORTH POINTE DEVELOPMENT ASSOCIATES, L.P.,

a Virginia limited partnership

		
	 By: 
	 	 NORTH POINTE DEVELOPMENT ASSOCIATES, L.L.C.,

a Virginia limited liability company,
 its general
partner

			
		 	By: 	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

				
		 		 	By: 	 	/s/ Louis S. Haddad
		 		 		 	Louis S. Haddad
		 		 		 	Manager

  

					
	 NORTH POINTE DEVELOPMENT ASSOCIATES, L.L.C.

a Virginia limited liability company

		
	By: 	 	 ARMADA HOFFLER MANAGER, LLC,
 a
Virginia limited liability company,
 its manager

			
		 	By: 	 	/s/ Louis S. Haddad
		 		 	 Louis S. Haddad
 Manager

  
 Signature Page to
Armada Hoffler, L.P. 
 First Amendment to Credit AgreementEX-10.1

 Exhibit 10.1 

FIFTH AMENDMENT 
 AND
BORROWING BASE REDETERMINATION AGREEMENT 
 THIS FIFTH AMENDMENT AND BORROWING BASE REDETERMINATION AGREEMENT (this
“Amendment”) is dated as of May 12, 2014, among PENN VIRGINIA HOLDING CORP. (the “Borrower”), PENN VIRGINIA CORPORATION (the “Parent”), the other Credit Parties party hereto, the lenders party
hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent (in such capacity, the “Administrative Agent”). 

WITNESSETH: 
 WHEREAS, the
Parent, the Borrower, the lenders party thereto and the Administrative Agent entered into the Credit Agreement dated as of September 28, 2012 (as amended by that certain Waiver and First Amendment dated as of April 2, 2013, that certain
Waiver and Second Amendment dated as of April 10, 2013, that certain Assignment and Third Amendment dated as of May 30, 2013, and that certain Assignment and Fourth Amendment dated as of October 28, 2013, and as otherwise
amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”); 
 WHEREAS, the Borrower has
delivered to the Administrative Agent and the Lenders, (a) in accordance with Section 5.11(a) of the Credit Agreement a reserve report dated as of December 31, 2013 (the “Reserve Report”), and (b) a
certificate of an Authorized Officer as described in Section 5.11(c) of the Credit Agreement, in connection with its request for an increase in the aggregate Borrowing Base under the Credit Agreement to $475,000,000; 

WHEREAS, the Administrative Agent and the Lenders have determined based on the Reserve Report that, upon the Amendment Effective Date (as
defined below), the Borrowing Base under the Credit Agreement should be increased to the aforementioned amount; 
 WHEREAS, the Borrower has
requested that, on the Amendment Effective Date, each Lender increase its Commitment Amount under the Credit Agreement on a pro rata basis so that Aggregate Commitment Amount equals $450,000,000; 

WHEREAS, the Borrower has informed the Administrative Agent that on or after the date hereof, the Borrower or one or more of its
Restricted Subsidiaries intends to sell, transfer, convey or otherwise dispose of substantially all of their respective Oil and Gas Properties attributable to the Selma Chalk Field located in Mississippi and/or the Granite Wash Field located in
Oklahoma (each such disposition, a “Pending Disposition”); 
 WHEREAS, the Administrative Agent and
the Borrower have determined that, with respect to a Pending Disposition that occurs within 120 days of the Amendment Effective Date, the Borrowing Base (as increased hereby and as otherwise adjusted in accordance with the Credit Agreement after the
Amendment Effective Date and prior to the first date on which either of the Pending Dispositions has occurred) should be reduced by $37,500,000 (to $437,500,000, assuming no intervening adjustment to the Borrowing Base) effective concurrently with
the consummation of the first Pending Disposition to occur (if any), and by an additional $37,500,000 (to $400,000,000, assuming no intervening adjustment to the Borrowing Base) effective concurrently with the consummation of the second Pending
Disposition to occur (if any) (which Borrowing Base shall remain in effect thereafter until the Borrowing Base shall otherwise be redetermined in accordance with the Credit Agreement); 

 WHEREAS, the Administrative Agent and the Lenders are willing to approve the increase in the
Borrowing Base in respect of the regularly scheduled redetermination for the spring 2014, and to approve the subsequent reductions in the Borrowing Base upon the consummation within 120 days of the Amendment Effective Date of one or both of the
Pending Dispositions (if any) as described above, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, for and in
consideration of the mutual covenants and agreements herein contained, the parties to this Amendment hereby agree as follows: 

Section 1. Defined Terms. Except as may otherwise be provided herein, all capitalized terms that are defined in the Credit
Agreement shall have the same meanings herein as therein defined, all of such terms and their definitions being incorporated herein by reference. 

Section 2. Amendments to Credit Agreement; Commitment Increase. On the Amendment Effective Date, Schedule 2.01 (Commitment
Amounts) of the Credit Agreement is amended in its entirety by substituting the Schedule 2.01 attached hereto in place thereof. Each Lender severally (and not jointly) agrees to increase its existing Commitment Amount to the amount set forth
opposite its name on Schedule 2.01 attached hereto. 
 Section 3. Redetermination of the Borrowing Base. 

(a) As of the Amendment Effective Date, the amount of the Borrowing Base under the Credit Agreement shall be increased to $475,000,000, which
Borrowing Base shall remain in effect until (i) reduced pursuant to clause (b) of this Section 3 (if applicable) or (ii) redetermined or adjusted, as applicable, in accordance with the provisions of
Section 2.04 of the Credit Agreement or otherwise. 
 (b) If (i) a Pending Disposition shall have occurred within 120 days
following the Amendment Effective Date, the Borrowing Base then in effect shall automatically be reduced by $37,500,000, effective upon the consummation of the first Pending Disposition to occur (if any) after the Amendment Effective Date, and
(ii) a second Pending Disposition shall have occurred within 120 days following the Amendment Effective Date the Borrowing Base (as reduced by the foregoing subclause (i) and as otherwise then in effect) shall automatically be
further reduced by an additional $37,500,000, effective upon the consummation of the second Pending Disposition to occur (if any) after the Amendment Effective Date. The Borrowing Base, as so reduced pursuant to this clause (b), shall
remain in effect until further redetermined or adjusted in accordance with the provisions of Section 2.04 of the Credit Agreement or otherwise. For the avoidance of doubt, the provisions of Section 6.13 of the Credit Agreement otherwise
applicable (including with respect to reviewing and adjusting (if applicable) the Borrowing Base) in connection with the sale or other disposition of Oil and Gas Properties included in the most recently delivered Reserve Report shall apply with
respect to a Pending Disposition that occurs after 120 days following the Amendment Effective Date (or to any other sale or disposition (other than a Pending Disposition) after the Amendment Effective Date), in accordance with the Credit Agreement.

  
 2 

 (c) Both the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the
other hand, agree that the redetermination of the Borrowing Base pursuant to the foregoing clause (a) of this Section 3 shall constitute the regularly scheduled redetermination of the Borrowing Base for Spring 2014, and
the redetermination of the Borrowing Base pursuant to the foregoing clause (b) of this Section 3 shall constitute the adjustment contemplated by Section 6.13 of the Credit Agreement (and neither the redetermination
pursuant to clause (a) nor any automatic reduction pursuant to clause (b) shall constitute a discretionary redetermination of the Borrowing Base by either the Borrower, on the one hand, or the Administrative Agent or the
Lenders, on the other hand, pursuant to Section 2.04(e) of the Credit Agreement). 
 (d) For the avoidance of doubt, in the event that a
Borrowing Base Deficiency exists after giving effect to a reduction in the Borrowing Base pursuant to the foregoing clause (b) of this Section 3, the Borrower covenants and agrees to use the Net Cash Proceeds of the
applicable Pending Disposition to eliminate such Borrowing Base Deficiency in accordance with Section 2.11(a)(ii) of the Credit Agreement. 

Section 4. Covenant to Deliver Notice; Prior Notice Satisfied. The Borrower covenants and agrees to deliver written notice to the
Administrative Agent promptly (but, in any event, within three (3) Business Days) following the consummation of each Pending Disposition. Each party hereto acknowledges and agrees that the requirement in Section 6.13 of the Credit
Agreement that the Borrower provide notice of any proposed sale or other disposition of Oil and Gas Properties included in the most recently delivered Reserve Report not less than 10 days prior to the date of such proposed sale or other disposition
has been satisfied with respect to each of the Pending Dispositions that is consummated with 120 days of the Amendment Effective Date by the execution and delivery of this Amendment by the Borrower. 

Section 5. Acknowledgement Regarding Title and Mortgage Compliance. In anticipation of the consummation of one or both of the
Pending Dispositions and in connection with the redetermination of the Borrowing Base as set forth above, the Borrower covenants and agrees to provide within 60 days of the Amendment Effective Date (or such longer period as the Administrative Agent
shall agree) such additional information as the Administrative Agent reasonably requests to demonstrate the Borrower’s compliance with the provisions of Section 5.12(a) and 5.13(a) of the Credit Agreement with respect to title and mortgage
coverage, respectively, after giving effect to the Pending Dispositions. 
 Section 6. Conditions of Effectiveness. This
Amendment will become effective on the date on which each of the following conditions precedent are satisfied or waived (the “Amendment Effective Date”): 

(a) The Parent, the Borrower, each other Credit Party and each of the Lenders shall have delivered to the Administrative Agent duly executed
counterparts of this Amendment. 
 (b) The Administrative Agent shall have received a certificate executed by an Authorized Officer of each
of the Borrower and the Parent stating that before and after giving 

  
 3 

 
effect to this Amendment (i) the representations and warranties of the Parent, 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, or, to the extent that a particular representation or warranty is qualified as to materiality, such representation or warranty shall be true and correct, in each case, on and as of the Amendment Effective Date,
except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date, such representations and warranties shall continue to be true and correct as of such specified earlier date;
and (ii) no Default or Event of Default exists. 
 (c) The Administrative Agent shall have received a certificate dated as of the
Amendment Effective Date signed by an Authorized Officer of the Borrower, (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to the execution, delivery and performance of this Amendment and
(ii) including the calculations described in Section 5.01(c) demonstrating pro forma compliance with Section 6.09 (based on the financial statements of the Parent then most recently delivered) after giving effect to the increase in
the Aggregate Commitment Amount. 
 (d) The Borrower shall have paid to the Administrative Agent, for the account of each Lender, a
commitment increase fee (the “Fee”) in an amount equal to the product of (i) 0.30% multiplied by (ii) the difference of (A) such Increasing Lender’s Commitment Amount immediately after giving effect to this
Amendment minus (B) such Lender’s Commitment Amount immediately prior to giving effect to this Amendment. The Fees shall be payable in immediately available funds in full on the Amendment Effective Date and fully earned and non-refundable
when paid. 
 (e) The Borrower shall have made payment of all fees and expenses then due and payable under the Credit Agreement, including
any fees and expenses then due and payable in connection with this Amendment pursuant to Section 9.03 of the Credit Agreement, in the case of expenses to the extent invoiced at least three Business Days prior to the Amendment Effective Date
(except as otherwise reasonably agreed by the Borrower). 
 Section 7. Representations and Warranties. 

(a) On the Amendment Effective Date, each of the Parent and the Borrower represents and warrants to the Administrative Agent and each of the
Lenders that: 
 (i) Each Credit Party (i) is validly existing and (ii) has the power and authority to execute and deliver this
Amendment and perform its obligations under this Amendment and the Loan Documents to which it is a party as amended hereby. 
 (ii) The
execution and delivery by the Credit Parties of this Amendment, and the performance of this Amendment and the Credit Agreement as amended hereby, have been duly authorized by all necessary corporate action, and this Amendment and the Credit
Agreement as amended hereby constitute the legal, valid and binding obligations of such Credit Party, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the rights of creditors generally and general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
 4 

 (iii) Neither the execution and delivery of this Amendment, nor compliance with the terms and
provisions hereof or thereof, will conflict with or result in a breach of, or require any consent that has not been obtained as of the Amendment Effective Date, the respective Organizational Documents of any Credit Party, any Governmental
Requirement, any Unsecured Notes Document, any Permitted Second Lien Loan Document (if any) or any other material agreement or instrument to which any Credit Party is a party or by which it is bound or to which it or its Properties are subject. 

Section 8. Continuing Effectiveness. Except as specifically set forth in this Amendment, the Credit Agreement and the other Loan
Documents are not amended, modified or affected hereby. Each Credit Party hereby ratifies and confirms that (i) except as specifically set forth in this Amendment, all of the terms, conditions, covenants, representations, warranties and all
other provisions of the Credit Agreement and each other Loan Document remain in full force and effect and (ii) the Collateral is unimpaired by this Amendment. Upon the Amendment Effective Date and thereafter, (x) each reference in the
Credit Agreement to “this Amendment,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference to the Credit Agreement as amended hereby, and
(y) each reference to the “Credit Agreement” in any other Loan Document, as applicable, shall be a reference to the Credit Agreement as amended hereby. 

Section 9. Counterparts. This Amendment may be executed in counterparts, each of which so executed shall be deemed to be an
original and such counterparts together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or via other electronic means shall be effective as delivery of manually
executed counterpart of this Amendment. 
 Section 10. No Waiver. Each of the Parent and the Borrower hereby agrees that except
as expressly set forth in this Amendment, no Default has been waived or remedied by the execution of this Amendment by the Administrative Agent or any Lender, and any such Default heretofore arising and currently continuing shall continue after the
execution and delivery hereof. Nothing contained in this Amendment nor any past indulgence by the Administrative Agent, any Issuing Bank or any Lender, nor any other action or inaction on behalf of the Administrative Agent, any Issuing Bank or any
Lender shall constitute or be deemed to constitute an election of remedies by the Administrative Agent, any Issuing Bank or any Lender. 

Section 11. Loan Document. This Amendment is a Loan Document. 

Section 12. Incorporation by Reference. Sections 1.03, 9.03(a), 9.07, 9.09, 9.10, 9.11, 9.15 of the Credit Agreement are
incorporated herein, mutatis mutandis. 
 Section 13. NO ORAL AGREEMENTS. THE RIGHTS AND OBLIGATIONS OF EACH OF THE
PARTIES TO THE LOAN DOCUMENTS SHALL BE DETERMINED SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS AND INSTRUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN SUCH PARTIES ARE SUPERSEDED BY 

  
 5 

 
AND MERGED INTO SUCH WRITINGS. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER WRITTEN LOAN DOCUMENTS EXECUTED BY PARENT, BORROWER, ANY OTHER CREDIT PARTY, THE ADMINISTRATIVE AGENT, ANY
ISSUING BANK AND/OR LENDERS REPRESENT THE FINAL AGREEMENT REGARDING THE MATTERS HEREIN BETWEEN SUCH PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BY SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN SUCH PARTIES. 
 [Signature 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 officer(s) as of the date first above written. 
  

					
	 WELLS FARGO BANK, N.A., as the

Administrative Agent, Issuing Bank and a Lender

		
	By 	 	/S/ CATHERINE COOK
		 	  Name: 	 	Catherine Cook
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	ROYAL BANK OF CANADA, as a Lender
		
	By 	 	  /S/ KRISTAN SPIVEY
		 	  Name: 	 	Kristan Spivey
		 	  Title: 	 	Authorized Signatory

  
 Signature Page to
Amendment 

 
					
	BANK OF AMERICA, N.A., as a Lender
		
	By 	 	  /S/ KENNETH WHELAN
		 	  Name: 	 	Kenneth Whelan
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	SCOTIABANC INC., as a Lender
		
	By 	 	  /S/ J. F. TODD
		 	  Name: 	 	J. F. Todd
		 	  Title: 	 	Managing Director

  
 Signature Page to
Amendment 

 
					
	CREDIT SUISSE AG, Cayman Islands Branch, as a Lender
		
	By 	 	  /S/ MICHAEL SPAIGHT
		 	  Name: 	 	Michael Spaight
		 	  Title: 	 	Authorized signatory
		
	By 	 	  /S/ SAMUEL MILLER
		 	  Name: 	 	Samuel Miller
		 	  Title: 	 	Authorized Signatory

  
 Signature Page to
Amendment 

 
					
	 BRANCH BANKING AND TRUST COMPANY,

as a Lender

		
	By 	 	  /S/ JAMES GIORDANO
		 	  Name: 	 	James Giordano
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	BARCLAYS BANK, PLC, as a Lender
		
	By 	 	  /S/ VANESSA KURBATSKIY
		 	  Name: 	 	Vanessa Kurbatskiy
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	COMERICA BANK, as a Lender
		
	By 	 	  /S/ JOHN S. LESIKAR
		 	  Name: 	 	John S. Lesikar
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	SOCIÉTÉ GÉNÉRALE, as a Lender
		
	By 	 	  /S/ ELENA ROBCIUC
		 	  Name: 	 	Elena Robciuc
		 	  Title: 	 	Managing Director

  
 Signature Page to
Amendment 

 
					
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
	By 	 	  /S/ KRISTIN N. OSWALD
		 	  Name: 	 	Kristin N. Oswald
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	SUNTRUST BANK, as a Lender
		
	By 	 	  /S/ SHANNON JUHAN
		 	  Name: 	 	Shannon Juhan
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	SANTANDER BANK, N.A., as a Lender
		
	By 	 	  /S/ AIDAN LANIGAN
		 	  Name: 	 	Aidan Lanigan
		 	  Title: 	 	Senior Vice President
		
	By 	 	  /S/ PUIKI LOK
		 	  Name: 	 	Puiki Lok
		 	  Title: 	 	Vice President

  
 Signature Page to
Amendment 

 
					
	PENN VIRGINIA HOLDING CORP., as the Borrower
		
	By 	 	  /S/ STEVEN A. HARTMAN
		 	  Name: 	 	Steven A. Hartman
		 	  Title: 	 	 Senior Vice President and

    Chief Financial Officer

	
	PENN VIRGINIA CORPORATION, as the Parent
		
	By 	 	  /S/ STEVEN A. HARTMAN
		 	  Name: 	 	Steven A. Hartman
		 	  Title: 	 	 Senior Vice President and

    Chief Financial Officer

 
					
	
	Solely with respect to Sections 8 through 13:
	
	 PENN VIRGINIA OIL & GAS CORPORATION,

a Virginia corporation

		
	By: 	 	  /S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title: 	 	Senior Vice President and Chief Financial Officer
	
	 PENN VIRGINIA OIL & GAS GP LLC,

a Delaware limited liability company

		
	By: 	 	  /S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title: 	 	Senior Vice President and Chief Financial Officer
	
	 PENN VIRGINIA OIL & GAS LP LLC,

a Delaware limited liability company

		
	By: 	 	  /S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title: 	 	Senior Vice President and Chief Financial Officer

  
 Signature Page to
Amendment 

 
			
	 PENN VIRGINIA OIL & GAS, L.P.,

a Texas limited partnership

	
	 By: Penn Virginia Oil & Gas GP LLC,

its general partner

		
	By:	 	/S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 PENN VIRGINIA MC CORPORATION,
 a
Delaware corporation

		
	By:	 	/S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 PENN VIRGINIA MC ENERGY L.L.C.,
 a
Delaware limited liability company

		
	By:	 	/S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title:	 	Senior Vice President and Chief Financial Officer
	
	PENN VIRGINIA MC OPERATING COMPANY L.L.C., a Delaware limited liability company
		
	By:	 	/S/ STEVEN A. HARTMAN
	Name: 	 	Steven A. Hartman
	Title:	 	Senior Vice President and Chief Financial Officer

  
 Signature Page to
Amendment 

 Schedule 2.01 

COMMITMENT AMOUNTS 
  

									
	 Lender
	  	Commitment
Amount	 	  	Applicable
Percentage	 
	 Wells Fargo Bank, National Association
	  	$	66,375,000.00	  	  	 	14.750000000	% 
	 Royal Bank of Canada
	  	$	66,375,000.00	  	  	 	14.750000000	% 
	 Bank of America, N.A.
	  	$	46,125,000.00	  	  	 	10.250000000	% 
	 Scotiabanc Inc.
	  	$	46,125,000.00	  	  	 	10.250000000	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	39,375,000.00	  	  	 	8.750000000	% 
	 Branch Banking and Trust Company
	  	$	28,125,000.00	  	  	 	6.250000000	% 
	 Barclays Bank PLC
	  	$	28,125,000.00	  	  	 	6.250000000	% 
	 Comerica Bank
	  	$	28,125,000.00	  	  	 	6.250000000	% 
	 Société Générale
	  	$	28,125,000.00	  	  	 	6.250000000	% 
	 Capital One, National Association
	  	$	28,125,000.00	  	  	 	6.250000000	% 
	 SunTrust Bank
	  	$	22,500,000.00	  	  	 	5.000000000	% 
	 Santander Bank, N.A.
	  	$	22,500,000.00	  	  	 	5.000000000	% 
	 Total:
	  	$	450,000,000.00	  	  	 	100.000000000	% 

 Schedule 2.01

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