Document:

Exhibit 4.2

 

Form of Permanent Global Registered Floating
Rate Note

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO A NOMINEE FOR DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO AMERICAN EXPRESS
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

AMERICAN EXPRESS COMPANY

 

Floating Rate  Notes due May 22,
2018

 

$

 

	No.	 	CUSIP: 025816BH1
	 	 	ISIN: US02581BH19

 

AMERICAN EXPRESS COMPANY, a New York corporation
(hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $      on May 22, 2018,
and to pay interest (computed on the basis of the actual number of days elapsed over a 360-day year) thereon from May 22, 2013,
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly, on February 22,
May 22, August 22 and November 22 in each year, commencing August 22, 2013 and at maturity, at the rate of three-month LIBOR (as
defined below) plus 0.59% per annum, until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in said Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on January 15, April 15,
July 15 or October 15, as the case may be, next preceding such Interest Payment Date. In any case where such Interest Payment Date
shall not be a Business Day, then (notwithstanding any other provision of said Indenture or the Notes) payment of such interest
need not be made on such date, but may be made on the next succeeding Business Day (unless the next succeeding

    	 

    	

    

Business Day is in the next calendar month,
in which case payment will be paid on the immediately preceding Business Day) with the same force and effect as if made on such
date, and, if such payment is so made, no interest shall accrue for the period from and after such date. Any such interest not
so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on January 15, April 15, July
15 or October 15, as the case may be, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities)
is registered at the close of business on a Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for
the Notes, notice whereof shall be given to Holders of Notes not less than 10 days prior to such record date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the
principal of and interest on this Note will be made by U.S. dollar check drawn on a bank in The City of New York and mailed to
the Person in whose name this Note is registered at such Person’s address as provided in Securities Register. For Holders
of at least $1,000,000 in aggregate principal amount of this Note, payment will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in The City of New York or in Europe, provided that the Trustee receives a written request
from such Holder to such effect designating such account no later than the January 15, April 15, July 15 or October 15, as the
case may be, immediately preceding such interest payment date.

 

“Calculation Agent” means The
Bank of New York Mellon, or its successor appointed by the Issuer, acting as calculation agent.

 

“three-month LIBOR” means
for any Interest Reset Period, the London interbank offered rate per annum determined by the Calculation
Agent on the related Interest Determination Date, in accordance with the following provisions:

 

(i) three-month LIBOR will be the rate
for deposits in U.S. dollars having a maturity of three months which appears on the Reuters LIBOR01 Page (or such other page as
may replace page LIBOR01 on that service for the purpose of displaying London interbank offered rates) as of 11:00 a.m., London
time, on the related Interest Determination Date.

 

(ii) If, on any such Interest Determination
Date, the rate for deposits in U.S. dollars having a maturity of three months does not appear on the Reuters LIBOR01 Page (or such
other page as may replace page LIBOR01 on that service for the purpose of displaying London interbank offered rates) as specified
in (i) above, three-month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars having a maturity
of three months and in a principal amount equal to an amount that is representative for a single transaction in such market at
such time are offered by four major banks in the London interbank market selected by the Company at approximately 11:00 a.m., London
time, on such Interest Determination Date to prime banks in the London interbank market. The Company will request the principal
London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided, the rate
in respect of such Interest Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are
provided, three-month LIBOR in respect of such Interest Determination Date will be the arithmetic mean of the rates quoted by three
major banks in New York City, selected by the Company, at approximately 11:00 a.m., New York time, on such Interest Determination
Date for loans in U.S. dollars to leading European banks, having a

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maturity of three months and in a principal
amount equal to an amount that is representative for a single transaction in such market at such time.

 

“Interest
Determination Date” means with respect to an Interest Reset Date, the second London Business Day preceding such Interest
Reset Date.

 

“Interest Reset Date” means
the 22nd of February, May, August and November.

 

“Interest Reset Period” means
each period from and including an Interest Payment Date (or, in the case of the first such period, the
issue date of the floating rate notes) to but excluding the next succeeding Interest Payment Date.

 

“London Business Day” means
any day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.

 

“Reuters LIBOR01 Page” means
the display designated as page LIBOR01 on the Reuters 3000 Xtra (or such other page as may replace the Reuters LIBOR01 Page on
that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices
comparable to the London Interbank Offered Rate for U.S. dollar deposits).

 

Additional provisions of this Note are contained
on the reverse hereof and such provisions shall have the same effect as though fully set forth in this place.

 

Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, AMERICAN EXPRESS COMPANY
has caused this instrument to be duly executed under its corporate seal.

 

Dated: May 22, 2013

 

	TRUSTEE’S CERTIFICATE	 	AMERICAN EXPRESS COMPANY	 
	OF AUTHENTICATION	 	 	 	 
	 	 	By:		 
	This is one of the Securities described

in the within-mentioned Indenture.	 	 	David L. Yowan

Executive Vice President and Corporate Treasurer	 
	 	 	 	 	 
	THE BANK OF NEW YORK MELLON	 	Attest: 	 
	As Trustee	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 	 
	Authorized Signatory	 	Carol V. Schwartz
 Secretary	 

    	 

    	

    
REVERSE OF GLOBAL NOTE

 

AMERICAN EXPRESS COMPANY

 

Floating Rate  Notes due May 22,
2018

 

$

 

No.

 

This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”) of the Company of the
series hereinafter specified, which series is initially limited in aggregate principal amount to $850,000,000 all such Securities
issued and to be issued under an indenture dated as of August 1, 2007, between the Company and The Bank of New York Mellon, as
Trustee (the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the rights and limitation of rights thereunder of the Holders of the Securities and of the rights, obligations,
duties and immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities
are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may be denominated in currencies other than U.S. dollars
(including composite currencies), may mature at different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject
to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one
of a series of the Securities designated Floating Rate  Notes due May 22, 2018 (the “Notes”). Additional notes
on the same terms and conditions and with the same CUSIP number as those of the Notes may be issued by the Company without the
consent of the Holders of the Notes. Such further notes shall be consolidated and form a single series with the Notes.

 

The Notes may not be redeemed prior to Stated
Maturity unless certain events occur involving United States taxation: If as a result of (a) any change in (including any announced
prospective change), or amendment to, the laws (including any regulations or rulings promulgated thereunder) of the United States
(or any political subdivision or taxing authority thereof or therein), or any change in (including any announced prospective change),
or amendment to, any official position regarding the application or interpretation of such laws, which change or amendment is announced
or becomes effective on or after May 15, 2013, or (b) a taxing authority of the United States taking any action, or such action
becoming generally known, on or after May 15, 2013, whether or not such action is taken with respect to the Company or any of its
affiliates, there is in either case a material increase in the probability that the Company will or may be required to pay additional
amounts as provided for below, then the Company may in either case, at its option, redeem, in whole or in part, the Notes, at a
redemption price equal to the principal amount of the notes being redeemed, together with any accrued and unpaid interest thereon
to the date fixed for redemption (the “Redemption Date”); provided that the Company determines, in its business judgment,
that the obligation to pay such additional amounts cannot be avoided by the use of reasonable measures available to it, not including

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substitution of the obligor under the Notes.
Prior to the publication of any notice of redemption, the Company will deliver to the Trustee an officer’s certificate stating
that the Company is entitled to effect a redemption and setting forth a statement of facts showing that the conditions precedent
to the Company’s right to redeem have occurred and an opinion of counsel to that effect based on that statement of facts.

 

Notice of redemption shall be mailed to the
registered Holders of the Notes designated for redemption at their addresses as the same shall appear on the Securities Register,
not less than 30 days nor more than 60 days prior to the Redemption Date, subject to all the conditions and provisions of the Indenture.

 

In the event of redemption of this Note in
part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof
upon the cancellation hereof.

 

The Company shall, subject to the exceptions
and limitations set forth below, pay as additional interest on the Note, such additional amounts as are necessary in order that
the net payment by the Company or a paying agent of the principal of and interest on the Note to a Holder who is a Non-United States
Holder (as defined below), after deduction for any present or future tax, assessment or governmental charge of the United States
or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not
be less than the amount that would have been payable had no such withholding or deduction been required.

 

The Company’s obligation to pay additional
amounts shall not apply (1) to a tax, assessment or governmental charge that would not have been imposed but for the beneficial
owner or the Holder, or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Holder if
the Holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power
over an estate or trust administered by a fiduciary Holder, being considered as (a) being or having been present or engaged in
a trade or business in the United States or having or having had a permanent establishment in the United States, (b) having a current
or former relationship with the United States, including a relationship as a citizen or resident thereof, (c) being or having been
a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation with respect
to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation
or other tax-exempt organization or (d) being or having been a “10-percent shareholder” of the Company as defined in
section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision
or being or having been a bank whose receipt of interest on a note is described in section 881(c)(3)(A) of the Code or any successor
provision; (2) to any beneficial owner that is not the sole beneficial owner of the Note, or a portion thereof, or that is a fiduciary,
partnership, limited liability company or other fiscally transparent entity, but only to the extent that a beneficiary or settlor
with respect to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally
transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial
owner or member received directly its beneficial or distributive share of the payment; (3) to a tax, assessment or governmental
charge (including backup withholding) that would not

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have been imposed but for the failure of
the Holder or any other person to comply with certification, information, documentation, reporting or other similar requirements
concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of such
note, if compliance is required by statute or by regulation of the United States Treasury Department, without regard to any tax
treaty, or by an applicable income tax treaty to which the United States is a party as a precondition to partial or complete relief
or exemption from such tax, assessment or other governmental charge (including, but not limited to, the failure to provide United
States Internal Revenue Service (“IRS”), Form W-8BEN, W-8ECI or any subsequent versions thereof), or any other certification,
information, documentation, reporting or other similar requirement under United States income tax laws or regulations that would
establish entitlement to otherwise applicable relief or exemption from any tax, assessment or governmental charge; (4) to a tax,
assessment or governmental charge that is imposed otherwise than by withholding by the Company or a paying agent from the payment;
(5) to a tax, assessment or governmental charge that would not have been imposed or withheld but for a change in law, regulation,
or administrative or judicial interpretation that becomes effective more than 10 days after the payment becomes due or is duly
provided for, whichever occurs later; (6) to a tax, assessment or governmental charge that is imposed or withheld by reason of
the presentation of a note for payment more than 30 days after the date on which such payment becomes due or is duly provided for,
whichever occurs later; (7) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or a similar
tax, assessment or governmental charge; (8) to any tax, assessment or other governmental charge required to be withheld by any
paying agent from any payment of principal of or interest on any note, if such payment can be made without such withholding by
any other paying agent; (9) to any withholding or deduction which is imposed on a payment to an individual and is required to be
made pursuant to European Council Directive 2003/48/EC on the taxation of savings income, or any law implementing or complying
with, or introduced in order to conform to, such Directive; or (10) in the case of any combination of items (1), (2), (3), (4),
(5), (6), (7), (8) and (9).

 

The Notes are subject in all cases to any
tax, fiscal or other law or regulation or administrative or judicial interpretation applicable thereto. Except as specifically
provided for herein, the Company shall not be required to make any payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority thereof or therein.

 

As used herein, the term “United States
Holder” means a beneficial owner of a note that is (i) a citizen or resident of the United States, (ii) a corporation or
an entity taxable as a corporation for United States federal income tax purposes, that was established under the laws of the United
States, any state thereof or the District of Columbia, or (iii) an estate or trust whose world-wide income is subject to United
States federal income tax. If a partnership holds a note, the tax treatment of partners will generally depend upon the status of
the partner and the activities of the partnership. As used here, the term “Non-United States Holder” means a beneficial
owner of the Note that is not a United States Holder and is not a partnership.

 

The Indenture contains provisions for defeasance
and discharge of the entire principal of all the Notes of any series upon compliance by the Company with certain conditions set
forth therein.

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If an Event of Default with respect to the
Notes, as defined in the Indenture, shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Notes under the Indenture at any time by the Company with the consent of the Holders of not less than a majority
in aggregate principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains
provisions permitting the Holders to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences with respect to a series, provided that the Holders of at least a majority
in principal amount of the Notes at the time Outstanding of any series affected by a waiver consent to such waiver. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain exceptions therein set forth, this Note is transferable on the Securities Register of the Company, upon surrender of
this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the City of
New York, New York, or, at the option of the Holder, at the office or agency of the Company to be maintained for that purpose in
the City of New York, New York, or at any other office or agency of the Company maintained for that purpose, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered
form without coupons in denominations of $2,000.00 and integral multiples of $1,000.00 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of
a like tenor and of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection with the registration of such transfer or exchange, other than certain exchanges not involving any transfer.

 

Certain terms used in this Note that are
defined in the Indenture have the meanings set forth therein.

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This Note shall for all purposes be governed
by, and construed in accordance with, the laws of the State of New York.

 

The Company, the Trustee for the Notes and
any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither the
Company, such Trustee nor any such agent shall be affected by notice to the contrary.

    	R-5exhibit101.htm

 

	 EXHIBIT 10.1

 

 

 

FOURTH AMENDMENT TO CREDIT AGREEMENT AND LIMITED WAIVER 

 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into effective as of May 16, 2013, among American Standard Energy, Corp., a Nevada corporation (“Borrower”), the lenders party to the Credit Agreement (defined below) from time to time (the “Lenders”), and Macquarie Bank Limited, as administrative agent for such Lenders (in such capacity, the “Administrative Agent”; together with Borrower, and the other undersigned parties hereto, each a “Party” and, collectively, the “Parties”).

 

Background

 

A.           Borrower and Macquarie Bank Limited, as Administrative Agent and a Lender entered into that certain Credit Agreement dated September 21, 2011 (as amended, restated, modified or otherwise supplemented from time to time, the “Credit Agreement”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement.

 

B.           Borrower, Lender and Administrative Agent desire to modify certain terms and conditions of the Credit Agreement.

 

Agreements

 

In consideration of the mutual covenants of Borrower, Lender and Administrative Agent set forth in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each of the Parties, Borrower, Lender and Administrative Agent hereby agree as follows:

 

1. Amendments to Credit Agreement.

 

a. Section 1.2 of the Credit Agreement is amended as follows:

 

i. Section 1.2(b) of the Credit Agreement is deleted in its entirety and replaced with the following:

 

The Borrowing Base available under the Revolving Loan is $0.00.  Notwithstanding anything to the contrary contained herein, there shall be no further re-determinations of the Borrowing Base.

 

ii. New subsection (g) is added as follows:

 

As of the date of the Fourth Amendment, the amount available to be drawn under the Revolving Loan is $0.00.

 

b. Section 1.3 of the Credit Agreement is amended by adding new subsection (d) as follows:

 

As of the date of the Fourth Amendment, the amount available to be drawn under the Term Loan is $0.00.

 

  

  

  

c. Section 1.9(a) of the Credit Agreement is amended by replacing all references to “the Maturity Date” with “May 17, 2013”.

 

d. Section 1.9(b) of the Credit Agreement is amended by deleting the first sentence in its entirety and replacing it with the following:

 

Beginning on the last Business Day of May 2013 and continuing on the last Business Day of each following month, Borrower will amortize the outstanding principal amount under the Term Loan by paying to Administrative Agent, for the ratable benefit of each Lender, the amounts set forth on the attached Schedule 1.9(b).  For the avoidance of doubt, the amounts set forth on Schedule 1.9(b) supersede the Scheduled Prepayment, and Borrower is no longer required to make the Scheduled Prepayment.

 

e. Section 1.13 of the Credit Agreement is amended by adding new subsection (c) as follows:

 

(c)           Commencing April 2013, each month, after disbursement from the Borrower Sub-Account of amounts requested by Borrower and Approved by Administrative Agent to pay current joint interest billings in relation to the Double Down 24-13 #1H Well, Administrative Agent will apply to the Obligations, in accordance with the Credit Agreement, 100% of the remaining net production proceeds received from the Operator and attributable to the Double Down 24-13 #1H Well for that Measured Month.  This Section 1.13(c) supersedes the terms and conditions for the Double Down Payment set forth in the Waiver Letter.

 

f. Section 9.1 of the Credit Agreement is amended by deleting the reference to “Sections 9.1(h), (k), (n) and (o)-(s)” and replacing it with a reference to “Sections 9.1(h), (k), (n), (o)-(p) and (r)-(s)”.

 

g. Appendix A of the Credit Agreement is amended as follows:

 

i. The following definitions shall be inserted in alphabetical order:

 

“Double Down Payment” means that certain payment of the Net Production Proceeds of the Double Down 24-13 #1H Well, as more particularly set forth in Section 4 of the Waiver Letter.

 

“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement and Limited Waiver, dated effective as of  May 16, 2013, by and among Borrower, Lender and Administrative Agent.

 

“Scheduled Prepayment” means that certain $1,500,000.00 prepayment provided for in Section 7 of the Waiver Letter.

 

  

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“Waiver Letter” means that certain letter agreement, dated as of February 15, 2013, by and among Borrower, Lender and Administrative Agent, pursuant to which Administrative Agent and Lender agreed to provide certain limited waivers of requirements under the Credit Agreement in exchange for the Scheduled Prepayment and the Double Down Payment.

 

ii. The definition of Availability Termination Date is amended by deleting the words “the Maturity Date” in clause (a) of such definition and replacing them with the words “the date immediately prior to the date of the Fourth Amendment”.

 

iii. The definition of Change of Control is amended by deleting clause (b) in its entirety and replacing it with the following:

 

(i) Either Scott Feldhacker or Richard MacQueen cease to be materially involved in the management of the Borrower and the development of the Properties or either resign or are removed as Chief Executive Officer and President, respectively, of Borrower, and Steven Person and Joshua Haislip are not immediately thereafter appointed as Chief Executive Officer and Chief Financial Officer, respectively, of Borrower, or (ii) after such appointment, either Steven Person or Joshua Haislip cease to be materially involved in the management of the Borrower and the development of the Properties or either resign or are removed as Chief Executive Officer and Chief Financial Officer, respectively, of Borrower.

 

2. Exhibits and Schedules.  The Exhibits and Schedules to the Credit Agreement are amended as follows:

 

a. Existing Schedule 1.6(c) is deleted in its entirety and replaced with Schedule 1.6(c) attached hereto.

 

b. Schedule 1.9(b), which is attached hereto, is added in numerical order.

 

c. Existing Schedule 3.3(a) is deleted in its entirety and replaced with Schedule 3.3(a) attached hereto.

 

d. Existing Schedule 3.25 is deleted in its entirety and replaced with Schedule 3.25 attached hereto.

 

e. Existing Schedule 3.34 is deleted in its entirety and replaced with Schedule 3.34 attached hereto.

 

3. Waivers.

 

 

  

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a. An Event of Default exists under Section 9.1(a) of the Credit Agreement (the “Payment Default”), as a result of Borrower’s failure to make the $241,186 amortization payment due March 31, 2013 pursuant to Section 1.9(b) of the Credit Agreement (the “March Payment”).  Furthermore, (i) with respect to the compliance period ending December 31, 2012, an Event of Default exists under each of Sections 1.2(b)(ii), 4.2(b), 5.20(a), 5.20(c), 6.1(g) and 6.19 of the Credit Agreement (the “Year End Defaults”), (ii) with respect to the compliance period ending March 31, 2013, an Event of Default exists under each of Sections 5.20(a), 5.20(c), and 6.1(g) of the Credit Agreement (the “First Quarter Defaults”), and (iii) Borrower is not in compliance with Section 3.5 of the Credit Agreement (the “Solvency Default”, and together with the Payment Default, the Year End Defaults and the First Quarter Defaults, collectively, the “Designated Defaults”), all as more particularly described on Annex 1.

 

b. Subject to the terms and conditions set forth in this Amendment, Administrative Agent and Lender agree to waive (i) the Designated Defaults, and (ii) the $241,186 amortization payment due April 30, 2013 pursuant to Section 1.9(b) of the Credit Agreement (the “April Payment”); but the waiver of the Payment Default and the April Payment shall be effective only through May 17, 2013, and the March Payment and April Payment shall be due and payable by Borrower on May 17, 2013.

 

c. Administrative Agent and Lender agree to waive Breakage Costs incurred by Borrower associated with the March Payment and April Payment if timely made pursuant to the terms of this Amendment.

 

d. Borrower has notified Administrative Agent that it is not in good standing under the laws of the State of Texas and thus an Event of Default exists under Section 3.1 of the Credit Agreement (the “Formation and Existence Defaults”).  Borrower represents that it is in the process of curing the Formation and Existence Defaults.  In reliance upon this representation and subject to the terms and conditions set forth in this Amendment Administrative Agent and Lender agree to waive the Formation and Existence Defaults, but said waiver shall be effective only through June 14, 2013.  On or before June 14, 2013, Borrower shall delivery to Administrative Agent certificates of good standing validly issued by the State of Texas.

 

e. Borrower has notified Administrative Agent that Oasis Petroleum is currently holding funds in suspense and thus an Event of Default exists under Section 3.36 of the Credit Agreement (the “Suspense of Proceeds Default”).  Borrower represents that it is in the process of curing the Suspense of Proceeds Default.  In reliance upon this representation and subject to the terms and conditions set forth in this Amendment Administrative Agent and Lender agree to waive the Suspense of Proceeds Default, but said waiver shall be effective only through June 14, 2013.  On or before June 14, 2013, Borrower shall delivery to Administrative Agent evidence satisfactory to Administrative Agent that this default has been cured.

 

f. Parent has notified Administrative Agent that it is not in good standing under the laws of the State of Delaware and Administrative Agent has determined that an Event of Default exists under Section 3.7 of the Pledge Agreement and Section 2.1 of the Guaranty (the “Parental Defaults”).  Parent represents that it is in the process of curing the Parental Defaults.  In reliance upon this representation and subject to the terms and conditions set forth in this Amendment Administrative Agent and Lender agree to waive the Parental Defaults, but said waiver shall be effective only through June 14, 2013.  On or before June 14, 2013, Parent shall delivery to Administrative Agent certificates of good standing validly issued by the State of Delaware.

 

  

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g. NOTHING IN THIS AMENDMENT SHALL BE CONSTRUED TO WAIVE ANY OTHER DEFAULTS OR EVENTS OF DEFAULT, OTHER THAN THE DESIGNATED DEFAULTS, OR THE RIGHTS AND REMEDIES AVAILABLE TO ADMINISTRATIVE AGENT OR LENDER PURSUANT TO THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR BY OPERATION OF LAW OR OTHERWISE (WHICH RIGHTS SHALL BE CUMULATIVE) EXCEPT WITH RESPECT TO THE DESIGNATED DEFAULTS AND THE WAIVER EXPRESSLY SET FORTH HEREIN.

 

h. This is a limited waiver related to the matters specifically set forth in this Section 2, and nothing herein shall be construed to act as a continuing waiver by Lender or Administrative Agent of any other Default or Event of Default.  For the avoidance of doubt, the Year End Defaults and First Quarter Defaults are waived only for the applicable compliance period referenced in Section 2(a), and nothing herein shall be deemed to waive any Default under the applicable Sections of the Credit Agreement for any future compliance period.

 

4. Conditions to Effectiveness of Amendment and Waiver.  Notwithstanding the other conditions to the making of any Advance under Article VIII of the Credit Agreement, this Amendment and the waivers granted herein will become effective:

 

a. when this Amendment is signed and delivered by each of the Parties;and

 

b. upon receipt by Administrative Agent of an executed Advance Request requesting an Advance under the Term Loan, which Advance shall be used to repay all amounts outstanding under the Revolving Loan.

 

5.  Reaffirmation of Representations and Warranties; Additional Representations and Warranties.  Borrower, to induce Lender and Administrative Agent to enter into this Amendment, hereby reaffirms, as of the date hereof (except to the extent the previous representations and warranties speak as to a certain date), its representations and warranties contained in Article III of the Credit Agreement and in all other documents executed pursuant thereto, and additionally represents and warrants as follows:

 

a. The execution and delivery of this Amendment and the performance by Borrower of its obligations under this Amendment is within Borrower’s power, have been duly authorized by all necessary company action, have received all necessary governmental approvals (if any shall be required), and do not and will not contravene or conflict with (i) to Borrower’s knowledge, any provision of law applicable to Borrower in any respect that would reasonably be expected to have a Material Adverse Effect, (ii) Borrower’s Charter Documents, or (iii) any agreement binding upon Borrower or any of Borrower’s properties that would reasonably be expected to have a Material Adverse Effect.

 

  

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b. This Amendment represents the legal, valid and binding obligation of Borrower enforceable against it in accordance with its terms except as enforceability may be limited by applicable Debtor Relief Laws and by general equitable principles.

 

6.  Parent’s Representation and Ratification.

 

a. Parent represents and warrants to Administrative Agent that the Equity Interests in Parent which are owned by any member of the management team of Parent or any member of the XOG Group, and any agreements in force which provide for the issue or allotment of, or grant any such Person the right to call for the issue or allotment of, any Equity Interest in Parent, are set forth on Schedule 3.3(a) to this Amendment.

 

b. Parent reaffirms and ratifies its Guaranty in favor of Administrative Agent and the representations, warranties and covenants set forth in that Guaranty.

 

7.  Ratification of Liens and Security Interests.  Borrower hereby acknowledges and ratifies the existence and priority of the Liens granted by Borrower in favor of Administrative Agent for the benefit of Lender in and to the Collateral and represents, warrants and covenants that such Liens and security interests are valid, existing and in full force and effect.

 

8.  Release.  To further induce Administrative Agent and Lender to enter into this Amendment, Borrower forever releases Administrative Agent and Lender from any liability for actions or omissions in connection with the Credit Agreement and the other Loan Documents prior to the execution of this Amendment.

 

9.  Miscellaneous.  The Credit Agreement, as amended hereby, supersedes all prior agreements (written or oral) between Borrower, Administrative Agent and Lender with regard to the subject matters hereof.  This Amendment is a Loan Document.  Except as affected by this Amendment, the Loan Documents are unchanged and continue in full force and effect.  However, in the event of any inconsistency between the terms of the Credit Agreement as amended by this Amendment and any other Loan Document, the terms of the Credit Agreement will control and the other document will be deemed to be amended to conform to the terms of the Credit Agreement.  All references to the Credit Agreement will refer to the Credit Agreement as amended by this Amendment and any other amendments properly executed among the Parties.  Borrower agrees that all Loan Documents to which it is a party (whether as an original signatory or by assumption of the Obligations) remain in full force and effect and continue to evidence the legal, valid and binding obligations of Borrower enforceable in accordance with their terms except as enforceability may be limited by applicable Debtor Relief Laws and by general equitable principals (as the same are affected by this Amendment or are amended in connection with this Amendment).  Any course of dealing among Borrower, Administrative Agent, Lender or any other Person will not be deemed to have altered or amended the Credit Agreement or affected either Borrower’s, Administrative Agent’s or Lender’s right to enforce the Credit Agreement as written.  This Amendment will be binding upon and inure to the benefit of each of the undersigned and their respective successors and permitted assigns.

 

  

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10.   Form.  Each agreement, document, instrument or other writing to be furnished to Administrative Agent and Lender under any provision of this instrument must be in form and substance satisfactory to Administrative Agent and its counsel.

 

11.  Counterpart Execution.  This Amendment may be executed simultaneously in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  Delivery of an executed counterpart signature page of this Amendment by facsimile or electronic transmission is as effective as executing and delivering this Amendment in the presence of the other parties to this Amendment.

 

12.  Governing Law.  This Amendment and all transactions provided for in this Amendment will be governed by, interpreted and construed under and enforced pursuant to the laws of the State of New York, without regard to its conflicts of laws provisions.

 

13.  FINAL AGREEMENT.  THE LOAN DOCUMENTS, AS AMENDED BY OR IN CONNECTION WITH THIS AMENDMENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Schedules and Annex

 

Schedule 1.6(c) – Authorized Signatories on Advance Requests

 

Schedule 1.9(b) – Amortization Schedule

 

Schedule 3.3(a) – Equity Interests

 

Schedule 3.25 – Unpaid Bills/Vendor List

 

Schedule 3.34 – Operators/Operating Agreements

 

Annex 1 - Defaults

 

[Signatures Appear on the Following Page]

 

 

  

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IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date first written above.

 

BORROWER:

American Standard Energy, Corp.,

a Nevada corporation

By:  /s/ Scott Feldhacker         

Name:  Scott Feldhacker         

Title:    CEO-President       

Parent joins in the execution of this Amendment solely in relation to Sections 3(f) and 6 above.

PARENT:

American Standard Energy Corp.,

a Delaware corporation

By: /s/ Scott Feldhacker          

Name:   Scott Feldhacker        

Title:  CEO         

Signature Page to Fourth Amendment to Credit Agreement

 

 

  

  

  

IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date first written above.

 

ADMINISTRATIVE AGENT AND A LENDER:

Macquarie Bank Limited,

a bank incorporated in accordance with the

laws of Australia

By:  /s/ Katie Choi       

Name:  Katie Choi         

Title:    Division Director

             Macquarie Bank Limited        

By:   /s/  Robert McRobbie    

Name:   Roberty McRobbie     

Title:     Division Director

              Legal Risk Management

 

Macquarie POA No. 938 dated 22 November 2012,

expiring 30 November 2014, signed in Sydney

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]