Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 EIGHTH AMENDMENT TO CREDIT
AGREEMENT 
 Dated as of June 6, 2013 
 among 
 GULFPORT ENERGY CORPORATION, 

as Borrower, 

THE BANK OF NOVA SCOTIA, 
 as Administrative Agent / L/C Issuer 
 and 

Sole Lead Arranger and Sole Bookrunner 
 and 
 AMEGY BANK NATIONAL ASSOCIATION, 

as Syndication Agent 
 and 
 KEYBANK NATIONAL ASSOCIATION, 

as Documentation Agent 
 and 
 The Other Lenders Party Hereto 

 
  

 

 EIGHTH AMENDMENT TO CREDIT AGREEMENT 

THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (the “Eighth Amendment to Credit Agreement,” or this
“Amendment”) is entered into effective as of June 6, 2013, among GULFPORT ENERGY CORPORATION, a Delaware corporation (“Borrower”), THE BANK OF NOVA SCOTIA, as Administrative Agent
(“Agent”) and L/C Issuer, and the Lenders parties hereto. 
 R E C I
T A L S 
 A. Borrower, the financial institutions signing as Lenders thereto and Agent are
parties to a Credit Agreement dated as of September 30, 2010, as amended by a First Amendment to Credit Agreement dated as of May 3, 2011, a Second Amendment to Credit Agreement dated as of 10:00 A.M. October 31, 2011, a Third
Amendment to Credit Agreement dated as of 12:00 P.M. October 31, 2011, a Fourth Amendment to Credit Agreement dated as of May 2, 2012, a Fifth Amendment to Credit Agreement dated as of October 9, 2012, a Sixth Amendment to Credit
Agreement dated as of October 17, 2012, and a Seventh Amendment to Credit Agreement dated as of December 18, 2012 (collectively, the “Original Credit Agreement”). 

B. The parties desire to amend the Original Credit Agreement as hereinafter provided. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. Same Terms. All terms used herein that are
defined in the Original Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. In addition, (i) all references in the Oil and Gas Mortgages, Affidavit of Payment of Trade Bills,
Property Certificates, Reconciliation Schedule and Title Indemnity Agreement to the “Credit Agreement” and in the Credit Agreement and the other Loan Documents to the “Agreement” shall mean the Original Credit Agreement, as
amended by this Amendment, as the same may hereafter be amended from time to time, and (ii) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as amended by the Modification Papers, as the same
may hereafter be amended from time to time. In addition, the following terms have the meanings set forth below: 

“Effective Date” means June 6, 2013. 

“First Amendment to Guaranty” has the meaning set forth in Section 2B. 

“Modification Papers” means this Amendment, the First Amendment to Guaranty, the Second Amendment to Louisiana
Mortgage and all of the other documents and agreements executed in connection with the transactions contemplated by this Amendment. 
 “Second Amendment to Louisiana Mortgage” has the meaning set forth in Section 2C. 
 2. Conditions Precedent. The obligations and agreements of the Lenders as set forth in this Amendment are subject to the satisfaction, unless waived in writing by Agent, of each of the
following conditions (and upon such satisfaction, this Amendment shall be deemed to be effective as of the Effective Date): 
 A. Eighth Amendment to Credit Agreement. This Amendment shall have been duly executed and delivered by Borrower and all Lenders. 

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Page 1 

 B. First Amendment to Unconditional Guaranty. The Guarantors
party to that certain Unconditional Guaranty in favor of Administrative Agent dated September 30, 2010 (as amended, the “Original Guaranty Agreement”) shall be amended to add a so-called “keepwell provision”
pursuant to the terms of an agreement (the “First Amendment to Guaranty”) which shall be satisfactory in form and substance to the parties. 

C. Second Amendment to Louisiana Mortgage. The Oil and Gas Mortgages filed in Louisiana shall be amended to
conform the “Obligations” as therein defined to the changes to the term “Obligations” as defined in the Original Credit Agreement as amended by this Amendment pursuant to the terms of one or more agreements (each, a
“Second Amendment to Louisiana Mortgage”) which shall be satisfactory in form and substance to the parties. 
 D. Fees and Expenses. Agent shall have received payment of all out-of-pocket fees and expenses (including reasonable attorneys’ fees and expenses) incurred by Agent in connection with
the preparation, negotiation and execution of the Modification Papers. 
 E. Representations and
Warranties. All representations and warranties contained herein or in the other Modification Papers or otherwise made in writing in connection herewith or therewith shall be true and correct in all material respects (provided that any such
representations or warranties that are, by their terms, already qualified by reference to materiality shall be true and correct without regard to such materiality standard) with the same force and effect as though such representations and warranties
have been made on and as of the Effective Date, or if made as of a specific date, as of such date. 
 3. Amendments to
Original Credit Agreement. On the Effective Date, the Original Credit Agreement shall be deemed to be amended as follows: 
 (a) The definitions of “Applicable Rate”, “Applicable Usage Level”, “Designated Investment Entities”, “EBITDAX”, “Forward Sales Contract”, “Maturity
Date”, “Obligations”, “Subsidiary” and “Swap Contract” in Section 1.01 of the Original Credit Agreement shall be amended to read in their entirety as follows: 

“‘Applicable Rate’ means, from time to time, the following percentages per annum, based upon
the Applicable Usage Level: 
  

													
	Applicable Rate	 
	 Applicable Usage Level
	  	Commitment fee	 	 	Eurodollar Rate
Loans and 
Letters
of Credit	 	 	Base Rate Loans	 
	 Level 1
	  	 	0.375	% 	 	 	1.50	% 	 	 	0.50	% 
	 Level 2
	  	 	0.375	% 	 	 	1.75	% 	 	 	0.75	% 
	 Level 3
	  	 	0.50	% 	 	 	2.00	% 	 	 	1.00	% 
	 Level 4
	  	 	0.50	% 	 	 	2.25	% 	 	 	1.25	% 
	 Level 5
	  	 	0.50	% 	 	 	2.50	% 	 	 	1.50	% 

 Any increase or decrease in the Applicable Rate resulting from a change in the Applicable Usage Level
shall become effective as of the date of the change in the Applicable Usage Level. The Applicable Rate shall be Level 5 during any period that a Borrowing Base deficiency is being paid back in installments as permitted by
Section 4.06. 

  
 EIGHTH AMENDMENT TO
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 ‘Applicable Usage Level’ means on any date the level
set forth below that corresponds to the percentage, as of the close of business on such day, equivalent to (a) Total Outstandings, divided by (b) the Borrowing Base: 

 

			
	Applicable Usage Level
	 Level
	  	 Usage Percent

	 Level 1
	  	Less than 25%
	 Level 2
	  	25% or greater but less than 50%
	 Level 3
	  	50% or greater but less than 75%
	 Level 4
	  	75% or greater but less than 90%
	 Level 5
	  	90% or greater

 ‘Designated Investment Entities’ means the Persons listed on
Schedule 1.01, as updated from time to time by Borrower by written notice to Agent, which Persons are primarily engaged in any business or activity relating to or arising from exploration for or acquisition, exploitation, development,
production, treatment, processing, storage, transportation, gathering, marketing or other handling of oil, natural gas, other hydrocarbons, sand, minerals and all constituents, elements or compounds thereof, and other products commonly created,
recovered or produced in association therewith or refined or processed therefrom, Mineral Interests and related intellectual property, or any activity necessary, appropriate or incidental to any of the foregoing, including oilfield services,
administrative services and other services used or useful in connection with any of the foregoing; provided that (i) no Subsidiary shall be a Designated Investment Entity and (ii) any Designated Investment Entity that shall at any
time meet the definition of “Subsidiary” shall thereafter cease to be a Designated Investment Entity. 

‘EBITDAX’ means net income, excluding any non-cash revenue or expense associated with Swap
Contracts resulting from ASC 815, plus without duplication and to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated Interest Expense for such period, (b) the aggregate amount
of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period,
(d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) non-cash losses from minority investments, (g) actual cash distributions received from minority
investments, (h) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (i) all reasonable transaction expenses related to Dispositions and acquisitions of
assets, investments and debt and equity offerings by any Loan Party (in each case whether or not successful, provided that expenses related to unsuccessful Dispositions shall be limited to $3,000,000 in the aggregate for the period from the Closing
Date to the Maturity Date), and less non cash income attributable to equity income from minority investments, all determined on a consolidated basis with respect to Borrower and its Subsidiaries in accordance with GAAP, using the results of the
twelve-month period ending with that reporting period. 
 ‘Forward Sales Contract’ means
an agreement to sell hydrocarbons, and be paid for such sale, at a point in time in the future; provided, that any such agreement that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act shall
constitute a Swap Contract and a Swap Obligation and not a Forward Sales Contract. 

  
 EIGHTH AMENDMENT TO
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 ‘Maturity Date’ means June 6, 2018; provided,
however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

‘Obligations’ means, collectively, all advances to and all debts, obligations, liabilities
(including all renewals and extensions thereof, or any part thereof), and all covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, or under any Secured Cash Management
Agreement, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including (i) net obligations under any Lender Swap Contract which any Loan
Party may have with any Lender or any Affiliate of any Lender (which net obligations shall be deemed to be the Swap Termination Value as of the date the Obligations are being determined), provided that notwithstanding anything to the contrary
herein or in any other Loan Document, ‘Obligations’ shall not include, with respect to any Loan Party, any Excluded Swap Obligations of such Loan Party, (ii) interest and fees that accrue after the commencement by or
against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (iii) all obligations of any Loan
Party described in Section 11.04 hereof, and (iv) obligations of any Loan Party under any Lender Forward Sales Contract which is terminated or ceases to exist or is not fully performed for any reason. 

‘Subsidiary’ of a Person means a corporation, partnership, limited liability company or other
business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Borrower. 

‘Swap Contract’ means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, forward sale of production, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or
forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master
agreement, (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a ‘Master Agreement’), including any such obligations or liabilities
under any Master Agreement, and (c) to the extent not otherwise included in this definition, any and all agreements, contracts or transactions 

  
 EIGHTH AMENDMENT TO
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that constitute a ‘swap’ within the meaning of Section 1a(47) of the Commodity Exchange Act; provided that no phantom stock or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Contract. Notwithstanding the foregoing, a Forward Sales Contract is not a Swap Contract, and vice
versa.” 
 (b) Section 1.01 of the Original Credit Agreement shall be amended by adding the
following definitions in appropriate alphabetical order: 
 “‘Benefiting Guarantor’
means a Guarantor for which funds or other support are necessary for such Guarantor to constitute an Eligible Contract Participant. 
 ‘Commodity Exchange Act’ means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

‘Eligible Contract Participant’ means an “eligible contract participant” as defined in
the Commodity Exchange Act and the regulations thereunder. 
 ‘Excluded Swap Obligation’
means, with respect to any Loan Party individually determined on a Loan Party by Loan Party basis, any Swap Obligation, if and to the extent that, all or a portion of the joint and several liability or the guaranty of such Loan Party for, or
the grant by such Loan Party of a security interest or other Lien to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an Eligible Contract Participant at the time such guarantee or the grant of such security interest or
other Lien becomes effective with respect to, or any other time such Loan Party is by virtue of such guarantee or grant of such security interest or other Lien otherwise deemed to enter into, such Swap Obligation. If a Swap Obligation arises under a
Master Agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee, security interest or other Lien is or becomes illegal. 

‘Qualified ECP Guarantor’ means, with respect to any Benefiting Guarantor in respect of any Swap
Obligation, each Loan Party that, at the time of the guaranty by such Benefiting Guarantor of, or grant by such Benefiting Guarantor of a security interest or other Lien securing, such Swap Obligation is entered into or becomes effective with
respect to, or at any other time such Benefiting Guarantor is by virtue of such guaranty or grant of a security interest or other Lien otherwise deemed to enter into, such Swap Obligation, constitutes an Eligible Contract Participant and can cause
such Benefiting Guarantor to qualify as an Eligible Contract Participant at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

‘Swap Obligation’ means, with respect to any Loan Party, any obligation to pay or perform under
any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, including any such obligation comprised of a guaranty or a security interest or other Lien.”

  
 EIGHTH AMENDMENT TO
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 (c) Section 2.13(d)(iii) of the Original Credit Agreement shall
be amended to read as follows: 
 “(iii) the entire Equity Interest owned by Borrower in each Designated
Investment Entity.” 
 (d) The second sentence of Section 4.02(a) of the Original Credit
Agreement shall be amended to read in its entirety as follows: 
 “Each October 1 Reserve Report may be
prepared by Borrower’s own engineers.” 
 (e) The preamble to Article VII of the Original
Credit Agreement shall be amended to read as follows: 
 “So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder (other than Obligations under Secured Cash Management Agreements, Lender Swap Contracts, Lender Forward Sales Contracts and contingent indemnification obligations under the Loan Documents) shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, Borrower shall, and shall (except in the case of the covenants set forth in Sections 7.01, 7.02, 7.03, and 7.12) cause each Subsidiary (and
in the case of the covenant set forth in Section 7.17, that is a Qualified ECP Guarantor) to:” 

(f) Section 7.02(d) of the Original Credit Agreement shall be amended to read as follows: 

“(d) (i) on or before April 1 of each year beginning in 2011, a Reserve Report prepared by independent reservoir
engineers acceptable to Agent and if Borrower so elects the separate in-house Reserve Report described in Section 4.02(a), (ii) on or before October 1 of each year beginning in 2011, a Reserve Report prepared by Borrower’s
own engineers described in Section 4.02(a), and (iii) with each Reserve Report, a lease operating statement and a schedule comparing the net revenue interests of each well, lease or unit mortgaged to Agent as reflected on each
applicable Collateral Document, to the net revenue interests for such properties reflected in the Reserve Report, along with an explanation as to any material discrepancies between the two net revenue interest disclosures;” 

(g) Article VII of the Original Credit Agreement shall be amended by adding thereto a new
Section 7.17 which shall read in its entirety as follows: 
 “7.17 Commodity Exchange Act
Keepwell Provisions. Undertake, and cause each Subsidiary that is a Qualified ECP Guarantor to undertake, unconditionally and irrevocably to provide such funds or other support as may be needed from time to time by each Benefiting Guarantor
in order for such Benefiting Guarantor to honor its obligations (without giving effect to Section 7.17(b)) under the Guaranty and any Collateral Document including obligations with respect to Swap Contracts (provided, however, that the
Borrower shall only be liable under this Section 7.17(a) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 7.17(a), or otherwise under this Agreement or
any Loan Document, as it relates to such Benefiting Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of

  
 EIGHTH AMENDMENT TO
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the Borrower under this Section 7.17(a) shall remain in full force and effect until all Obligations (other than contingent indemnification and expense obligations) are paid in full,
and all of the Lenders’ Commitments are terminated. The Borrower intends that this Section 7.17(a) constitute, and this Section 7.17(a) shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each Benefiting Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.” 
 (h) Section 8.02(g) of the Original Credit Agreement shall be amended to read as follows: 
 “(g) Investments in the Designated Investment Entities if before and after giving effect thereto (i) no Default exists and (ii) Borrower is in pro forma compliance with the financial
covenants set forth in Section 7.12. If any such Investment is in excess of $500,000, Borrower shall deliver to Agent, either on or prior to the date on which any such Investment is to be made or promptly thereafter, a certificate of a
Responsible Officer, in the form of Exhibit K or such other format as is reasonably satisfactory to Agent, certifying (in reasonable detail in support thereof) that after giving effect to such Investment, (i) there is no Default, and
(ii) Borrower is in pro forma compliance with the financial covenants set forth in Section 7.12;” 
 (i) Section 8.02(i) of the Original Credit Agreement shall be amended to read as follows: 
 “(i) Any other Investments not to exceed (i) at any time up to and including March 31, 2014, $30,000,000 in the aggregate, (ii) for the period from April 1, 2014 to
December 31, 2014, the lesser of (A) ten percent (10%) of the Borrowing Base existing at the time such Investment is made, and (B) $30,000,000, in the aggregate, and (iii) thereafter, in any calendar year, the lesser of
(A) ten percent (10%) of the Borrowing Base existing at the time such Investment is made, and (B) $30,000,000, in the aggregate.” 
 (j) Section 9.03 of the Original Credit Agreement shall be amended by inserting the following paragraph immediately following the clause labeled “Last”, which paragraph will
become the penultimate paragraph of such section: 
 “Notwithstanding the foregoing, amounts received from Borrower or any
Guarantor that is not an Eligible Contract Participant shall not be applied to any Excluded Swap Obligations (it being understood, that in the event that any amount is applied to Obligations other than Excluded Swap Obligations as a result of this
clause, the Administrative Agent shall make such adjustments as it determines are appropriate to distributions pursuant to clause “Fourth” above from amounts received from Eligible Contract Participants to ensure, as nearly as possible,
that the proportional aggregate recoveries with respect to Excluded Swap Obligations described in such clause “Fourth” are the same as the proportional aggregate recoveries with respect to other Obligations pursuant to such clause).”

 (k) Article XI of the Original Credit Agreement shall be amended by adding a new
Section 11.24 which shall read in its entirety as follows: 
 “11.24 Excluded Swap
Obligations. Notwithstanding any other provisions of this Agreement or any other Loan Document, Obligations guaranteed by any Guarantor, or secured by the grant of any Lien by such Guarantor under any Collateral Document, shall exclude all
Excluded Swap Obligations with respect to such Guarantor.” 

  
 EIGHTH AMENDMENT TO
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 (l) The Original Credit Agreement shall be amended by adding thereto
Schedule 1.01 which is attached to this Amendment. 
 (m) Schedule 2.01 to the Original Credit
Agreement is hereby replaced with Schedule 2.01 attached to this Amendment. 
 4. Increase of Borrowing
Base. The Borrowing Base is hereby increased from $40,000,000 to $50,000,000. 
 5. Certain
Representations. Borrower represents and warrants that, as of the Effective Date: (a) Borrower has full power and authority to execute the Modification Papers to which it is a party and such Modification Papers constitute the legal,
valid and binding obligation of Borrower enforceable in accordance with their terms, except as enforceability may be limited by general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws
affecting the enforcement of creditors’ rights generally; and (b) no authorization, approval, consent or other action by, notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and
performance by Borrower thereof. In addition, Borrower represents that after giving effect to this Amendment, all representations and warranties contained in the Original Credit Agreement and the other Loan Documents are true and correct in all
material respects (provided that any such representations or warranties that are, by their terms, already qualified by reference to materiality shall be true and correct without regard to such materiality standard) on and as of the Effective Date as
if made on and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects (or true and correct
without regard to such materiality standard, as applicable) as of such earlier date. 
 6. No Further Amendments.
Except as previously amended or waived in writing or as amended hereby, the Original Credit Agreement shall remain unchanged and all provisions shall remain fully effective between the parties. 

7. Acknowledgments and Agreements. Borrower acknowledges that on the date hereof all outstanding Obligations are payable in
accordance with their terms, and Borrower waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower, Agent, L/C Issuer and each Lender do hereby adopt, ratify and confirm the Original Credit Agreement, as amended hereby,
and acknowledge and agree that the Original Credit Agreement, as amended hereby, is and remains in full force and effect. Borrower acknowledges and agrees that its liabilities and obligations under the Original Credit Agreement, as amended hereby,
and under the other Loan Documents, are not impaired in any respect by this Amendment. 
 8. Limitation on
Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed (a) to be a consent under or a waiver of or an amendment to any other term or condition in the Original Credit Agreement or any of
the other Loan Documents, or (b) to prejudice any right or rights that Agent now has or may have in the future under or in connection with the Original Credit Agreement and the other Loan Documents, each as amended hereby, or any of the other
documents referred to herein or therein. The Modification Papers shall constitute Loan Documents for all purposes. 
 9.
Confirmation of Security. Borrower hereby confirms and agrees that all of the Collateral Documents that presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment
and performance of the Obligations as described in the Original Credit Agreement as modified by this Amendment. 

  
 EIGHTH AMENDMENT TO
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 10. Counterparts. This Amendment may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof
signed by each of the parties hereto. 
 11. Incorporation of Certain Provisions by Reference. The provisions of
Section 11.15. of the Original Credit Agreement captioned “Governing Law, Jurisdiction; Etc.” and Section 11.16. of the Original Credit Agreement captioned “Waiver of Right to Trial by Jury” are incorporated herein by
reference for all purposes. 
 12. Entirety, Etc. This Amendment, the other Modification Papers and all of the
other Loan Documents embody the entire agreement between the parties. THIS AMENDMENT, THE OTHER MODIFICATION PAPERS AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[This space is left intentionally blank. Signature pages follow.] 

  
 EIGHTH AMENDMENT TO
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be effective as of
the date and year first above written. 
  

					
	BORROWER
	
	GULFPORT ENERGY CORPORATION
		
	By:	 	 /s/ Michael G. Moore

		 	Name:	 	 Michael G. Moore

		 	Title:	 	 Vice President and Chief Financial Officer

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
					
	ADMINISTRATIVE AGENT
	
	 THE BANK OF NOVA SCOTIA,
 as Administrative Agent and L/C Issuer

		
	By:	 	 /s/ Jay Salitza

		 	Name:	 	 Jay Salitza

		 	Title:	 	 Director

	
	 THE BANK OF NOVA SCOTIA,
 as Lender

		
	By:	 	 /s/ Jay Salitza

		 	Name:	 	 Jay Salitza

		 	Title:	 	 Director

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
					
	AMEGY BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Jill McSorley

		 	Name:	 	 Jill McSorley

		 	Title:	 	 Senior Vice President

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
					
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Chulley Bogle

		 	Name:	 	 Chulley Bogle

		 	Title:	 	 Vice President

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
					
	CREDIT SUISSE AG,
	
	Cayman Islands Branch
		
	By:	 	 /s/ Vipul Dhadda

		 	Name:	 	 Vipul Dhadda

		 	Title:	 	 Authorized Signatory

		
	By:	 	 /s/ Michael Spaight

		 	Name:	 	 Michael Spaight

		 	Title:	 	 Authorized Signatory

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Marcus M. Tarkington

		 	Name:	 	 Marcus M. Tarkington

		 	Title:	 	 Director

		
	By:	 	 /s/ Michael Getz

		 	Name:	 	 Michael Getz

		 	Title:	 	 Vice President

  
 EIGHTH AMENDMENT TO
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	IBERIABANK
		
	By:	 	 /s/ W. Bryan Chapman

		 	Name:	 	 W. Bryan Chapman

		 	Title:	 	 Executive Vice President

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Signature Page 

 SCHEDULE 1.01 
 Designated Investment Entities 
 (all information as of May 29, 2013)

  

					
	 Name
	  	 Number of Shares or
Percentage Ownership
	  	 Principal Business Activity

			
	 Bison Drilling and Field Services LLC
	  	40%	  	Owns and operates drilling rigs.
			
	 Blackhawk Midstream LLC
	  	50%	  	Coordinates gathering, compression, processing and marketing activities in connection with the development of Borrower’s Utica Shale acreage.
			
	 Diamondback Energy, Inc.
	  	7,914,036 shares	  	Focuses on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.
			
	 Grizzly Oil Sands ULC
	  	24.9999%	  	Owns leasehold interests in the oils sands regions of Alberta, Canada and is engaged in the development and production of those leases.
			
	 Muskie Proppant LLC
	  	25%	  	Engaged in the mining and sale of oil and natural gas fracture grade sand.
			
	 Stingray Cementing LLC
	  	50%	  	Provides well cementing services.
			
	 Stingray Energy Services LLC
	  	50%	  	Formed to provide rental tools for land-based oil and natural gas drilling, completion and workover activities, and the transfer of fresh water to wellsites.
			
	 Stingray Logistics LLC
	  	50%	  	Provides well services.
			
	 Stingray Pressure Pumping LLC
	  	50%	  	Provides well completion services.
			
	 Tatex Thailand II, LLC
	  	23.5%	  	Owns interests in APICO, LLC, an international oil and gas exploration company.
			
	 Tatex Thailand III, LLC
	  	17.9%	  	Owns a concession in Southeast Asia.
			
	 Timber Wolf Terminals LLC
	  	50%	  	Formed to operate a crude/condensate terminal and a sand transloading facility in Ohio.
			
	 Windsor Midstream LLC
	  	22.5%	  	Owns interest in MidMar Gas LLC, a gas processing plant in West Texas.

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Schedule 1.01 

 SCHEDULE 2.01 
 Commitments and Applicable Percentages 
  

													
	Lender	  	Applicable Percentage	 	 	Commitment	 	  	Maximum Credit Amount	 
				
	 The Bank of Nova Scotia
	  	 	26.00000000	% 	 	$	13,000,000	  	  	$	91,000,000	  
				
	 Amegy Bank National Association
	  	 	25.00000000	% 	 	$	12,500,000	  	  	$	87,500,000	  
				
	 KeyBank National Association
	  	 	19.00000000	% 	 	$	9,500,000	  	  	$	66,500,000	  
				
	 IberiaBank
	  	 	10.00000000	% 	 	$	5,000,000	  	  	$	35,000,000	  
				
	 Credit Suisse AG, Cayman Islands Branch
	  	 	10.00000000	% 	 	$	5,000,000	  	  	$	35,000,000	  
				
	 Deutsche Bank Trust Company Americas
	  	 	10.00000000	% 	 	$	5,000,000	  	  	$	35,000,000	  
				
	 TOTAL:
	  	 	100.00000000	% 	 	$	50,000,000	  	  	$	350,000,000	  

  
 EIGHTH AMENDMENT TO
CREDIT AGREEMENT – Schedule 2.01 

 EXHIBIT K 
 DESIGNATED INVESTMENT ENTITY CERTIFICATE 
  

	TO:	The Bank of Nova Scotia, as Administrative Agent 

 Reference is made to that certain Credit Agreement among Gulfport Energy Corporation, the Lenders (as therein defined) party thereto, and The Bank of Nova Scotia, as Administrative Agent and L/C Issuer,
dated as of September 30, 2010 (as amended, the “Credit Agreement”). The terms used herein shall have the same meanings as provided therefor in the Credit Agreement. 

The undersigned Responsible Officer hereby certifies that on the date hereof he/she is the
                     of Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to Agent on behalf of Borrower, and
that: 
 1. Borrower has made [will make] one or more Investments (whether one or more, the “Subject
Investment”) in the following Designated Investment Entity(ies): 
  

							
	 Name
	  	Type of Entity	  	Jurisdiction	  	Percentage Equity
Interest Owned
		  		  		  	
		  		  		  	
		  		  		  	

 2. The effective date of the Subject Investment (the “Effective Date”) was [is]:
                     
 3.
Before and after giving effect thereto, as of the Effective Date (i) no Default exists, and (ii) Borrower is in proforma compliance with the financial covenants set forth in Section 7.12, as evidenced by the proforma exhibit
attached to this Certificate. 
 [This space is left intentionally blank. The signature page follows.] 

  
 EXHIBIT K -
DESIGNATED INVESTMENT ENTITY CERTIFICATE 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first
written above. 
  

			
	GULFPORT ENERGY CORPORATION
		
	By:	 	  

		 	Michael G. Moore
		 	Vice President, Chief Financial Officer and Secretary

  
 DESIGNATED
INVESTMENT ENTITY CERTIFICATE – Signature Page 

 For the Quarter/Year ended
                     (“Statement Date”) 
 Pro forma to Reflect Subject Investments, and if Applicable Other Investments, Made Since Statement Date 
 SCHEDULE  
 to the Designated Investment Entity Certificate 

($ in 000’s) 

PRO FORMA LEVERAGE RATIO EXHIBIT 
 Leverage Ratio (on a consolidated basis) 
  

					
	 A.      Funded Debt:
	  			
		
	 1.       all outstanding liabilities for borrowed money and other interest bearing
liabilities, plus
	  	$	            	  
		
	 2.       purchase money Indebtedness, plus
	  	$	            	  
		
	 3.       direct obligations arising under letters of credit, bankers’ acceptances, etc.,
plus
	  	$	            	  
		
	 4.       obligations in respect of the deferred purchase price of property or services other
than trade accounts, plus
	  	$	            	  
		
	 5.       Indebtedness in respect of capital leases, plus
	  	$	            	  
		
	 6.       Guarantees with respect to outstanding Indebtedness of the types described above of
Persons other than Borrower or any Subsidiary, plus
	  	$	            	  
		
	 7.       Indebtedness of the types referred to above of any partnership or joint venture in
which Borrower or Subsidiary is a general partner or joint venturer (unless such Indebtedness is nonrecourse)
	  	$	            	  
		
	 8.       Funded Debt (Line A1 + A2 + A3 + A4 + A5 + A6 + A7)
	  	$	            	  
		
	 B.      EBTIDAX:
	  			
		
	 1.       net income, less
	  	$	            	  
		
	 2.       non-cash revenue or expense associated with Swap Contracts resulting from
ASC 815, less
	  	($	            	) 
		
	 3.       income or plus loss from discontinued operations and extraordinary items,
plus
	  	($	            	) 

  
 1 

					
	 4.       income taxes, plus
	  	$	            	  
		
	 5.       Interest Expense, plus
	  	$	            	  
		
	 6.       depreciation, plus
	  	$	            	  
		
	 7.       depletion, plus
	  	$	            	  
		
	 8.       amortization, plus
	  	$	            	  
		
	 9.       non-cash and extraordinary items, plus
	  	$	            	  
		
	 10.     exploration costs deducted in determining net income, plus
	  	$	            	  
		
	 11.     non-cash losses from minority investments, plus
	  	$	            	  
		
	 12.     actual cash distributions received from minority investments, less
	  	$	            	  
		
	 13.     non-cash income attributable to equity income from minority investments, plus

	  	($	            	) 
		
	 14.     reimbursed insurance expenses and transaction expenses
	  	$	            	  
		
	 15.     Total EBITDAX (Line B1 – B2 – B3 + B4 + B5 + B6 +
B7 + B8 + B9 + B10 + B11 + B12 – B13 + B14)
	  	$	            	  
		
	 C.      Ratio (Line A8 ÷ Line B15)
	  	 	     to 1.0	  
		
	 Maximum Permitted:
	  	 	2.0 to 1.0	  

 PRO FORMA INTEREST COVERAGE RATIO EXHIBIT 

Interest Coverage Ratio (on a consolidated basis) 
  

					
	 A.      EBITDAX
	  			
		
	 1.       net income, less
	  	$	            	  
		
	 2.       non-cash revenue or expense associated with Swap Contracts resulting from
ASC 815, less
	  	($	            	) 

  
 2 

					
		
	 3.       income or plus loss from discontinued operations and extraordinary items,
plus
	  	($	            	) 
		
	 4.       income taxes, plus
	  	$	            	  
		
	 5.       Interest Expense, plus
	  	$	            	  
		
	 6.       depreciation, plus
	  	$	            	  
		
	 7.       depletion, plus
	  	$	            	  
		
	 8.       amortization, plus
	  	$	            	  
		
	 9.       non-cash and extraordinary items, plus
	  	$	            	  
		
	 10.     exploration costs deducted in determining net income, plus
	  	$	            	  
		
	 11.     non-cash losses from minority investments, plus
	  	$	            	  
		
	 12.     actual cash distributions received from minority investments, less
	  	$	            	  
		
	 13.     non-cash income attributable to equity income from minority investments, plus

	  	($	            	) 
		
	 14.     reimbursed insurance expenses and transaction expenses
	  	$	            	  
		
	 15.     Total EBITDAX (Line A1 – A2 – A3 + A4 + A5 + A6 +
A7 + A8 + A9 + A10 + A11 + A12 – A13 + A14)
	  	$	            	  
		
	 B.      Interest Expense
	  	$	            	  
		
	 C.      Ratio (Line A15 ÷ Line B)
	  	 	     to 1.0	  
		
	           Minimum Required:
	  	 	3.0 to 1.0	  

  
 3EX-4.1

 Exhibit 4.1 

 
  

INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND 

CERTIFICATE NO. 
 FIRST pactrust BANCORP, INC. TM 
 THIS CERTIFIES
THAT 
 8.00% Preferred Noncumulative Stock, Series Perpetual C 

NUMBER OF SHARES 
 CUSIP: 33589V507 
 COUNTERSIGNED AND REGISTERED

 REGISTRAR AND TRANSER COMPANY (CRANFORD, NJ) TRANSFER AGENT AND REGISTRAR BY 

AUTHORIZED SIGNATURE 
 is the owner of 
 FULLY PAID AND NON-ASSESSABLE
SHARES OF 8.00% NONCUMULATIVE PERPETUAL PREFERRED STOCK, SERIES C, $0.01 PAR VALUE OF FIRST PACTRUST BANCORP, INC., a Maryland corporation (the “Corporation”), transferable on the books of the Corporation by the holder hereof, in person or
by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be subject to all of the provisions of the Charter and Bylaws of the Corporation, each as now
or hereafter amended, to all of which the holder hereof by acceptance hereby assents. 
 This certificate is not
valid unless countersigned by the Transfer Agent and registered by the Registrar. WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 

Dated: 
 CHIEF EXECUTIVE OFFICER 
 COPORATE SECRETARY

 FIRST PACTRUST BANCORP INC. 
 CORPORATE SEAL MARCH 26, 2002 MARY LAND 

 

 
  
 The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they THE were written out in full according to applicable laws or regulations: OR NOTICE: TEN COM - as tenants in common UNIF GIFT
MIN ACT - Custodian CORRESPOND CERTIFICATE THE (Cust) (Minor) INWITH under Uniform Gifts to Minors Act THE (State) ENLARGEMENT, EVERY OR SIGNATURE NAME TO ANYAS TEN ENT - as tenants by the entireties THIS JT TEN - as joint tenants with right of
survivorship and WRITTEN not as tenants in common CHANGE PLEASE INSERT SOCIAL SECURITY OR Additional abbreviations may also be used though not in the above list. UPON OTHERIDENTIFYING NUMBER OF ASSIGNEE PARTICULAR,WITHOUT ASSIGNMENT THE WHATEVER.
MUST FACE ALTERATIONOF For value received, do hereby sell, assign and transfer unto Shares of the Noncumulative Perpetual Preferred Stock, Series C, represented by the within Certificate, and do hereby irrevocably constitute and appoint, Attorney to
transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises. Dated: THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN “ELIGIBLE GUARANTOR INSTITUTION” WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES Notice: The signature(s) to this assignment must EXCHANGE SIGNATURE ACT GUARANTEED OF 1934, AS BY: AMENDED. correspond with the name(s) as written upon the
face of the certificate, in every particular, without alteration or enlargement, or any change whatever. FIRST PACTRUST BANCORP, INC. THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND
ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. THE CORPORATION WILL FURNISH TO ANY STOCKHOLDER ON REQUEST AND WITHOUT CHARGE A FULL STATEMENT OF THE DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND
OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE CORPORATION IS AUTHORIZED TO ISSUE, OF THE DIFFERENCES IN THE RELATIVE RIGHTS AND
PREFERENCES BETWEEN THE SHARES OF EACH SERIES OF PREFERRED OR SPECIAL CLASS OF STOCK WHICH THE CORPORATION IS AUTHORIZED TO ISSUE, TO THE EXTENT THEY HAVE BEEN SET, AND OF THE AUTHORITY OF THE BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND
PREFERENCES OF SUBSEQUENT SERIES OF A PREFERRED OR SPECIAL CLASS OF STOCK. SUCH REQUEST MAY BE MADE TO THE SECRETARY OF THE CORPORATION OR TO THE CORPORATION’S TRANSFER AGENT. REQUIREKEEP A BOND THIS OF CERTIFICATE INDEMNITY AS IN A A SAFE
CONDITION PLACE. TO IF THE IT IS ISSUANCE LOST, STOLEN OF A OR REPLACEMENT DESTROYED, CERTIFICATE. THE CORPORATION WILL

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