Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 2
TO
ADVISORY AGREEMENT
THIS AMENDMENT NO. 2 (this “Amendment”) is made and entered into as of June 22, 2020, and amends that certain Advisory Agreement, dated as of June 30, 2014, as amended by Amendment No. 1, dated December 20, 2017 (as amended, the “Advisory Agreement”), by and among NorthStar Healthcare Income, Inc., a Maryland corporation (the “Company”), NorthStar Healthcare Income Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), CNI NSHC Advisors, LLC, a Delaware limited liability company (the “Advisor”), as successor to NSAM J-NSHC Ltd, an Isle of Jersey limited company, and, solely in connection with the obligations set forth in Section 12.03 and Article 13 of the Advisory Agreement, Colony Capital, Inc. (f/k/a Colony NorthStar, Inc.), a Maryland corporation (“CLNY”), as successor to NorthStar Asset Management Group Inc., a Delaware corporation. Capitalized terms used but not defined herein shall have the meanings set forth in the Advisory Agreement. 
RECITALS
WHEREAS, pursuant to Section 18.02 of the Advisory Agreement, the Advisory Agreement may not be changed or modified except by an instrument in writing signed by the parties thereto, or their respective successors or permitted assigns; and
WHEREAS, each of the Company, the Operating Partnership, the Advisor and CLNY desires to amend the Advisory Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the sufficiency of which is hereby acknowledged by all parties, the parties hereto agree as follows:
AGREEMENT
1.    Amendment to Agreement.
(a)Article 1 of the Advisory Agreement is hereby amended by deleting the definition of “Disposition Fee” in its entirety.
(b)Section 8.03 of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:
“8.03    [RESERVED].”
(c)Section 9.01(xi) of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:
“(xi)    Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees (A) perform services for which the Advisor receives Acquisition Fees or (B) serve as executive officers of the Company;”

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(d)Section 12.03 of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:
“12.03    Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company. In the event an Investment opportunity is identified, the allocation procedures set forth under the caption “Conflicts of Interest—Allocation of Investment Opportunities” in any Prospectus (as it may be amended from time to time) or, following the termination of the Offering, in any report filed by the Company with the SEC disclosing such procedures, as they may be amended from time to time, shall govern the allocation of the opportunity among the Company, CLNY, any of their Affiliates and any investment vehicles sponsored or managed by CLNY or any of their Affiliates.”
(e)Article 13 of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:
“ARTICLE 13
THE NORTHSTAR NAME
CLNY and its Affiliates have a proprietary interest in the name “NorthStar.” CLNY hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “NorthStar” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain CLNY or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Sponsor, cease to conduct business under or use the name “NorthStar” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “NorthStar” or any other word or words that might, in the reasonable discretion of CLNY, be susceptible of indication of some form of relationship between the Company and CLNY or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “NorthStar.” Consistent with the foregoing, it is specifically recognized that CLNY or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in healthcare-related real estate assets) and financial and service organizations having “NorthStar” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. CLNY shall govern Company’s use of the name “NorthStar” and the Company’s use of the “NorthStar” name will be in strict accordance with any quality standards and specifications that may be established by Advisor and communicated to Company from time to time.”

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2.    Miscellaneous.
(a)Effectiveness of Amendment.  This Amendment shall be effective on June 30, 2020.
(b)Counterparts; Signature.  This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
(c)Governing Law.  This Amendment shall be governed by and construed in accordance with Section 18.04 of the Advisory Agreement.
(d)Continued Effect.  Except as specifically set forth herein, all other terms and conditions of the Advisory Agreement shall remain unmodified and in full force and effect, the same being confirmed and republished hereby. In the event of any conflict between the terms of the Advisory Agreement and the terms of this Amendment, the terms of this Amendment shall control.
[Signatures on following page.]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth above.
	
					
	 
	NorthStar Healthcare Income, Inc.
	 

	 
	By:
	/s/ Ann B. Harrington
	 

	 
	 
	Ann B. Harrington
	 

	 
	 
	General Counsel and Secretary
	 

	 
	 

	 
	NorthStar Healthcare Income Operating Partnership, LP
	 

	 
	By:
	NorthStar Healthcare Income, Inc., its General Partner
	 

	 
	 
	By:
	/s/ Ann B. Harrington
	 

	 
	 
	 
	Ann B. Harrington
	 

	 
	 
	 
	General Counsel and Secretary
	 

	 
	 

	 
	CNI NSHC Advisors, LLC
	 

	 
	By:
	/s/ Mark M. Hedstrom
	 

	 
	 
	Mark M. Hedstrom
	 

	 
	 
	Vice President
	 

	 
	 

	 
	Colony Capital, Inc.
	 

	 
	By:
	/s/ Mark M. Hedstrom
	 

	 
	 
	Mark M. Hedstrom
	 

	 
	 
	Executive Vice President and Chief Operating Officer
	 

[Signature Page to Amendment No. 2 to Advisory Agreement]ex_190870.htm

Exhibit 10.1

 

THIRD AMENDMENT AND WAIVER TO SIXTH AMENDED

AND RESTATED CREDIT AGREEMENT

 

THIS THIRD AMENDMENT AND WAIVER TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (herein called this “Third Amendment”), dated as of June 17, 2020 (the “Effective Date”), is entered into by and among W&T OFFSHORE, INC., a Texas corporation, as the borrower (the “Borrower”), the Guarantor Subsidiaries party hereto, the various financial institutions parties hereto, as Lenders, TORONTO DOMINION (TEXAS) LLC, individually and as agent (in such capacity together with any successors thereto, the “Administrative Agent”) for the Lenders, and the issuers of letters of credit parties hereto, as issuers (collectively, the “Issuers”).

 

WITNESSETH

 

WHEREAS, the Borrower, the lenders party thereto (collectively, the “Lenders”), the Administrative Agent, the Issuers and the other parties thereto have heretofore executed that certain Sixth Amended and Restated Credit Agreement, dated as of October 18, 2018 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the parties hereto hereby further intend to amend certain provisions of the Credit Agreement, in each case on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the undersigned hereby agree as follows:

 

1.     Definitions. Capitalized terms used herein (including in the Recitals hereto) but not defined herein, shall have the meanings as given them in the Credit Agreement, unless the context otherwise requires.

 

2.     Amendments to Credit Agreement. Effective as of the Third Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as set forth on Exhibit A attached hereto such that all of the newly inserted and underscored provisions and any formatting changes reflected therein shall be deemed inserted or made, as applicable, and all of the stricken provisions shall be deemed to be deleted therefrom. Schedules and Exhibits to the Credit Agreement shall remain as in effect under the Credit Agreement prior to the Third Amendment Effective Date.

 

3.     Representations and Warranties. The Borrower hereby represents and warrants that after giving effect hereto:

 

(a)     the representations and warranties of the Borrower and its Restricted Subsidiaries contained in the Loan Documents (as amended or waived hereby) are true and correct in all material respects (unless such representation or warranty is qualified by materiality, in which event such representation or warranty shall be true and correct in all respects) on and as of the Third Amendment Effective Date, other than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain correct in all material respects as of such earlier date (unless such representation or warranty is qualified by materiality, in which event such representation or warranty is true and correct in all respects as of such earlier date);

 

(b)     the execution, delivery and performance by the Borrower and its Restricted Subsidiaries of this Third Amendment are within their corporate or limited liability company powers, have been duly authorized by all necessary action, require, in respect of any of them, no action by or in respect of, or filing with, any governmental authority which has not been performed or obtained and do not contravene, or constitute a default under, any provision of Law or regulation or the articles of incorporation or the bylaws of any of them or any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or its Restricted Subsidiaries or result in the creation or imposition of any Lien on any asset of any of them except as contemplated by the Loan Documents other than, in each case, as would not reasonably be expected to cause or result in a Material Adverse Change;

 

(c)     the execution, delivery and performance by the Borrower and its Restricted Subsidiaries of this Third Amendment constitutes the legal, valid and binding obligation of each of them enforceable against them in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency or similar Laws of general application relating to enforcement of creditors’ rights;

 

(d)     no Default or Event of Default has occurred and is continuing; and

 

(e)     as of the date hereof, the Consolidated Cash Balance (as defined in Exhibit A hereof) does not exceed $25,000,000.

 

4.     Subsidiaries. Schedule 1 attached hereto sets forth, as of the date hereof, each Subsidiary of Borrower and identifies whether or not such Subsidiary is an Excluded Subsidiary (including pursuant to a specific clause of the definition of Excluded Subsidiary) and identifies the Investment Percentage owned in such Person.

 

5.     Redetermination of Borrowing Base. The Borrower and the Lenders hereby agree that effective as of the date hereof, the Borrowing Base shall be equal to $215,000,000 until such time as the Borrowing Base is redetermined or otherwise adjusted pursuant to the terms of the Credit Agreement. This is the Borrowing Base for the April 15, 2020 Evaluation Date.

 

6.     Conditions to Effectiveness of Amendments. The amendments in Section 2 of this Third Amendment shall each be effective on the date on which all of the following conditions in this Section 6 of this Third Amendment are satisfied (such date, the “Third Amendment Effective Date”).

 

(a)     The Administrative Agent shall have received counterparts of this Third Amendment duly executed by the Borrower, the Guarantor Subsidiaries, the Administrative Agent and the Required Lenders.

 

(b)     The Administrative Agent shall have received all fees and expenses to the extent invoiced at least one (1) Business Day prior to the Third Amendment Effective Date.

 

(c)     After giving effect to any transactions on the Third Amendment Effective Date, the Borrower will not have a Consolidated Cash Balance in excess of $25,000,000; provided that to the extent that satisfaction of the requirement of this condition (c) requires the Borrower to make a payment on outstanding Loans on a date that is not the last day of an Interest Period, the Borrower shall not be obligated to pay any amounts in respect thereof under Section 3.5 of the Credit Agreement and shall not be obligated to provide three (3) Business Days’ notice of such prepayment as provided in Section 2.6 of the Credit Agreement.

 

7.     Ratification: Loan Document. This Third Amendment shall be deemed to be an amendment to the Credit Agreement effective as of the dates set forth herein, and the Credit Agreement, as hereby amended, is hereby ratified, approved and confirmed in each and every respect. The Borrower and each Guarantor Subsidiary hereby ratifies, approves and confirms in every respect all the terms, provisions, conditions and obligations of the Loan Documents (including, without limitation, all Security Documents) to which it is a party. All references to the Credit Agreement in any Loan Document or in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement as hereby amended. This Third Amendment is a Loan Document.

 

8.     Costs And Expenses. As provided in Section 10.4 of the Credit Agreement, the Borrower agrees to reimburse the Administrative Agent for all reasonable costs and expenses incurred by or on behalf of the Administrative Agent (including attorneys’ fees, consultants’ fees and engineering fees, travel costs and miscellaneous expenses) in connection with this Third Amendment and any other agreements, documents, instruments, releases, terminations or other collateral instruments delivered by the Administrative Agent in connection with this Third Amendment.

 

9.     GOVERNING LAW. THIS THIRD AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.     Severability. If any term or provision of this Third Amendment shall be determined to be illegal or unenforceable all other terms and provisions of this Third Amendment shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable Law.

 

11.     Counterparts. This Third Amendment may be separately executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same agreement. Any signature hereto delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

12.     Successors and Assigns. This Third Amendment shall be binding upon the Borrower and its successors and permitted assigns and shall inure, together with all rights and remedies of each Lender Party hereunder, to the benefit of each Lender Party and its successors, transferees and assigns.

 

13.     No Waiver. The execution, delivery and effectiveness of this Third Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of this Third Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.

 

(The remainder of this page is intentionally left blank.)

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

BORROWER:

 

W&T OFFSHORE, INC.

 

By: /s/ Janet Yang      

Name:     Janet Yang

Title: Executive Vice President and Chief Financial Officer

 

 

 

 

TORONTO DOMINION (TEXAS) LLC,

as Administrative Agent

 

By: /s/ Hughroy Enniss

Name:     Hughroy Enniss

Title: Authorized Signatory

 

 

 

 

THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as Lender

 

By: /s/ Hughroy Enniss

Name:     Hughroy Enniss

Title: Authorized Signatory

 

 

 

 

THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as Issuer

 

By: /s/ Hughroy Enniss

Name:     Hughroy Enniss

Title: Authorized Signatory

 

 

 

 

MORGAN STANLEY BANK, N.A., as Lender

 

By: /s/ Kevin Newman

Name:     Kevin Newman

Title: Authorized Signatory

 

 

 

 

NATIXIS, NEW YORK BRANCH, as Lender

 

By:

Name:

Title:

 

By:

Name:

Title:

 

 

 

 

NATIXIS, NEW YORK BRANCH, as Issuer

 

By:

Name:

Title:

 

By:

Name:

Title:

 

 

 

 

SOCIÉTÉ GENERALE,

as Lender

 

By: /s/ Max Sonnonstine

Name:     Max Sonnonstine

Title: Director

 

 

 

 

SOCIÉTÉ GENERALE,

as Issuer

 

By: /s/ Max Sonnonstine

Name:     Max Sonnonstine

Title: Director

 

 

 

 

 

AMEGY BANK NATIONAL ASSOCIATION,

as Lender

 

By:

Name:

Title:

 

 

 

 

ZIONS BANCORPORATION, N.A. DBA

ABN AMRO CAPITAL USA LLC,

as Lender

 

By: /s/ Patty Smolik

Name:     Patty Smolik

Title: Vice President

 

 

 

 

 

ACKNOWLEDGED AND ACCEPTED BY:

W & T ENERGY VI, LLC

 

By: /s/ Janet Yang      

Name:     Janet Yang

Title: Executive Vice President and Chief Financial Officer

 

 

W & T ENERGY VII, LLC

 

By: /s/ Janet Yang      

Name:     Janet Yang

Title: Executive Vice President and Chief Financial Officer

 

Schedule 1

 

Subsidiaries/Operating Joint Ventures

 

	
			Subsidiary/Operating Joint Venture

				
			Percentage of Ownership

				
			Excluded Subsidiary

			
	
			W & T Energy VI, LLC

				
			100%

				
			No

			
	
			W & T Energy VII, LLC

				
			100%

				
			No

			
	
			White Shoal Pipeline Corporation

				
			73.38%

				
			Yes (Immaterial Subsidiary)

			
	
			Monza Energy LLC

				
			10.5% of the Class A units and 100% of the Class B units

				
			N/A (Operating Joint Venture)

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