Document:

ex103.htm

Exhibit 10.03

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT FOR DISTRIBUTION, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  NEITHER THIS WARRANT NOR THE SHARES MAY BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT EITHER AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.  THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, PLEDGE OR OTHER TRANSFER OF ANY INTEREST IN THIS WARRANT OR THE SHARES ISSUABLE HEREUNDER.

MacroSolve, Inc.

Series C Warrant to Purchase Common Stock

 

	Issuer:  	 MacroSolve, Inc.	 
	Class of Stock:   	 Common Stock	 
	Issue Date:   	 _______________, 2012	 
	Expiration Date: 	December 31, 2019 or earlier as set forth in Section 1 of this Warrant	 
	Holder:  	___________________	 

 

                                                                                                                                                    

THIS WARRANT TO PURCHASE COMMON STOCK, $0.01 par value per share (“Common Stock”), of MacroSolve, Inc. (the “Company”) is being issued in conjunction with the Putable and Callable Debenture Series 2012 of even date herewith purchased by and registered in the name of Holder (the “Debenture”).  Defined terms not defined herein shall have the meanings ascribed to them in the Debenture.

1. Warrants.

The Company hereby grants to Holder the right to purchase up to that number of shares of the Company’s Common Stock (the “Shares” or “Warrant Shares”) as shall have a Fair Market Value (as defined in Section 2.e below) at the time of exercise of this Warrant, which is equal to fifty percent (50%) of the then Outstanding Principal of the Debenture.  This Warrant shall expire and Holder shall no longer be able to purchase the Warrant Shares upon the first to occur of any of the following events:  (i) Holder’s exercise of the Warrant, regardless of whether or not Holder purchases the maximum number of Shares available for purchase hereunder; (ii) satisfaction of Company’s obligations under the Debenture prior to the Maturity Date; or (iii) December 31, 2019 (“Expiration Date”).

2. Exercise.

a. Method of Exercise.  Holder may exercise this Warrant in whole or in part by delivering to the principal office of the Company a duly executed Warrant Notice of Exercise substantially in the form attached as Appendix 1 (“Notice of Exercise”) accompanied by this Warrant and payment in immediately available funds of the Exercise Price as set forth below times the number of Shares to be purchased (the “Purchase Price”).

 

 

 

 

  

1

  

 

b. Delivery of Certificate and New Warrant.  As promptly as practicable after the receipt of the Notice of Exercise and the Purchase Price, but in any event not more than three (3) business days after the Company’s receipt thereof, the Company shall issue the Warrant Shares duly covered thereby and (i) cause a certificate representing the Shares acquired to be mailed to the Holder for delivery by overnight courier, or (ii) if a Registration Statement covering the Shares has been declared effective by the SEC, cause a certificate representing the Shares acquired to be electronically transferred to Holder.

c. Exercise Price.  The exercise price per Share (“Exercise Price”) of this Warrant shall be the volume-weighted average price per share (“VWAPPS”) of the Common Stock determined by calculating the dollars traded in every transaction in the Common Stock for the three-day trading period immediately prior to the date of purchase of the Debenture, as reported on the OTC Bulletin Board (“OTCBB”) (or any other recognized securities market on which the Common Stock is traded, if not then quoted on the OTCBB) divided by the total number of shares of Common Stock traded during that three-day period but in no event less than $.10 per share..

d. Replacement of Warrants.  On receipt of evidence reasonably satisfactory to the Company of the loss, theft or destruction of this Warrant and an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of its mutilation, surrender of the mutilated Warrant for cancellation, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor.

e. Net Issue Election.  Holder may elect to receive, without the payment by Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the Notice of Exercise duly executed.  Thereupon, the Company shall issue to Holder such number of fully paid and non-assessable shares of Common Stock as is computed using the following formula:

 

X= Y(A-B)

   A

 

	
  

	
Where:

 

	
  

	
X =

	
the actual number of shares of Common Stock to be issued to Holder pursuant to this Section 2.e.

 

	
  

	
Y =

	
the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 2.e.

 

	
  

	
A =

	
the Fair Market Value (defined below) of one share of Common Stock, as determined at the time the net issue election is made pursuant to this Section 2.e (the “Determination Date”).

 

	
  

	
B =

	
the Exercise Price.

 

 

 

  

2

  

 

	
  

	
“Fair Market Value” of a share of Common Stock shall mean:

 

	
(i)  

	
the VWAPPS of the Common Stock determined by calculating the dollars traded in every transaction in the Common Stock for the three-day trading period immediately prior to the date of Holder’s Notice of Exercise, as reported on the OTCBB (or any other recognized securities market on which the Common Stock is traded if not then quoted on the OTCBB) divided by the total number of shares of Common Stock traded during that three-day period; or

 

	
(ii)  

	
If there is no public market for the Common Stock, then Fair Market Value shall be determined in good faith by the Company’s Board of Directors.

3.           Reorganization; No Shareholder Rights.

a.      Reorganization.  If after the date hereof the Company shall enter into any Reorganization (as hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and documents evidencing the same duly executed by the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon exercise the Exercise Price per Share, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of shares of Common Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Exercise Price per Share and the number of Shares issuable hereunder) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 3.a., the term “Reorganization” shall include without limitation any reclassification, capital reorganization or change of the Common Stock (other than as a result of a subdivision, combination or stock dividend), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company is the surviving corporation and which does not result in any reclassification or change of the outstanding Common Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Company.

b.           No Voting or Dividend Rights.  Nothing contained in this Warrant shall be construed as conferring upon the Holder hereof the right to vote or to consent or to receive notice as a shareholder of the Company or any other matters or any rights whatsoever as a shareholder of the Company prior to the exercise of the Holder’s rights to purchase shares of Common Stock as provided for herein.  No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised.

4. Representation and Covenant of the Company.

a. Representations and Warranties.  The Company hereby represents and warrants to Holder that all Shares which may be issued upon the exercise of the purchase right represented by this Warrant, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances.

b. Reservation of Warrant Shares.  The Company has reserved and will keep available, out of the authorized and unissued shares of Common Stock, the full number of shares sufficient to provide for the exercise of the rights of purchase represented by this Warrant.

5. Representations and Covenants of the Holder.

a. Private Issue.  Holder understands (i) that the Shares issuable upon exercise of Holder’s rights contained in the Warrant are not registered under the Securities Act of 1933 (the “Act”) or qualified under applicable state securities laws on the ground that the issuance contemplated by the Warrant will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on Holder’s representations set forth in this Section 5 and in Holder’s Subscription Agreement and Questionnaire given in conjunction with Holder’s purchase of the Debenture.

b. Financial Risk.  Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the investment represented by this Warrant and the Warrant Shares, and has the ability to bear the economic risks of its investment.

c. Risk of No Registration.  Holder understands that if the Company does not register with the Securities and Exchange Commission pursuant to Section 12 of the Act, or file reports pursuant to Section 15(d), of the Securities Exchange Act of 1934 (the “1934 Act”), or if a registration statement covering the Warrant Shares under the Act is not in effect when Holder desires to sell (i) the right to purchase Shares pursuant to the Warrant, or (ii) the Shares issuable upon exercise of the right to purchase, Holder may be required to hold such securities for an indefinite period.

 

 

  

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d. Accredited Investor.  Holder is an “accredited investor,” as such term is defined by the federal securities laws.

6. Miscellaneous.

a. Term.  This Warrant is exercisable, in whole or in part, at any time and from time to time on or after the date hereof and on or before the Expiration Date set forth above.

b. Compliance with Securities Laws on Transfer.  This Warrant may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company).  The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder.

c. Notices, Etc.  All notices and other communications required or permitted hereunder shall be in writing and shall be delivered personally or by a nationally recognized overnight courier service, as follows:

	
  

	
If to the Company, to:

MacroSolve, Inc.

1717 South Boulder Ave.

Suite 700

Tulsa, OK 74119

Attention: Chief Executive Officer

	
  

	
If to the Holder, to:

The address shown in the Holder’s Buyer Signature Page

to the Purchase Agreement

or at such other address as the Company shall have furnished to the Holder.  Each such notice or other communication shall for all purposes of this Warrant be treated as effective or having been given when delivered if delivered personally, or, if sent by mail, at the earlier of its receipt or one (1) days after the same has been delivered to said courier service as aforesaid.

d. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

e. Attorney’s Fees.  In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorney’s fees.

f. Governing Law; Dispute Resolution.  This Warrant shall be governed by and construed in accordance with the laws of the State of Oklahoma, without giving effect to its principles regarding conflicts of law.  Any dispute concerning this Warrant or the investment of Holder of the Company, including a dispute about whether the dispute is subject to arbitration, shall be resolved by arbitration in Tulsa, Oklahoma, under the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) by a single arbitrator selected by the Company from the AAA’s panel of arbitrators.

 

 

  

4

  

 

IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be executed and delivered by its duly authorized Chief Executive Officer as of the date first above written.

 

	 	

MacroSolve, Inc.

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Steve Signoff	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 

  

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APPENDIX 1

NOTICE OF EXERCISE

SERIES C WARRANT

1. The undersigned hereby elects to purchase _______ shares of the Common Stock of MacroSolve, Inc. pursuant to the terms of the Warrant issued by MacroSolve, Inc. on ___________________

2. The undersigned hereby makes the net issue election authorized by Section 2.e. of the Warrant with respect to ______________ shares of Common Stock.

3. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:

(Name and Address)

4. The undersigned makes and repeats the representations and covenants set forth in Section 5 of the Warrant.

(Signature)

(Date)

 

 

 

 

 

6Exhibit 10.1

 

FIFTH AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND

SECOND AMENDMENT TO

AMENDED AND RESTATED SECURITY AND PLEDGE AGREEMENTS

This
FIFTH Amendment to SECOND AMENDED AND RESTATED Credit Agreement AND SECOND AMENDMENT TO AMENDED AND RESTATED SECURITY AND PLEDGE
AGREEMENTS (this “Amendment”), effective as of the 14th day of February, 2012 (the “Fifth
Amendment Effective Date”), is entered into by and among magnum hunter resources
corporation, a Delaware corporation (the “Borrower”), the Guarantors party hereto (the “Guarantors”),
the Lenders party hereto (the “Lenders”) and BANK OF MONTREAL, as Administrative Agent for the Lenders (the
“Administrative Agent”).

RECITALS

WHEREAS, the Borrower,
the Lenders and the Administrative Agent entered into that certain Second Amended and Restated Credit Agreement dated April 13,
2011 (as amended by the First Amendment to Second Amended and Restated Credit Agreement effective as of June 30, 2011, the
Second Amendment to Second Amended and Restated Credit Agreement effective as of August 15, 2011, the Third Amendment to Second
Amended and Restated Credit Agreement effective as of September 28, 2011, the Fourth Amendment to Second Amended and Restated Credit
Agreement effective as of December 6, 2011, and as further amended or restated from time to time, the “Credit Agreement”);
and

WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Security Agreement
(as defined in the Credit Agreement as amended hereby) and make the other agreements more particularly described below; and

WHEREAS, said
parties are willing to so amend the Credit Agreement and the Security Agreement and make such agreements subject in each case to
the terms and conditions set forth herein.

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants set forth in this Amendment, the Borrower, the Guarantors, the Lenders
and the Administrative Agent agree as follows:

1.Defined
Terms. Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to them in the Credit Agreement.

2.Amendments
to Credit Agreement.

	(a) 		Amendment to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended
by amending and restating the definition of “Security Agreement” in its entirety to read as follows:   

    	

    	 

    

“Security Agreement”
means, collectively, those certain Amended and Restated Security and Pledge Agreements executed by the Borrower and the Guarantors,
as amended, substantially in the form of Exhibit F-1 attached hereto.

	(b) 		Amendment to Section 9.18(a). Section 9.18(a) of the Credit Agreement is hereby
amended by (a) deleting the word “and” at the end of clause (ii) thereof, (b) replacing the period at the
end of clause (iii) with “; and”, and (c) adding a new clause (iv) to read as follows: 

“(iv)Swap Agreements to
hedge foreign exchange rate risks to which the Borrower or any of its Subsidiaries has actual exposure.”

	(c) 		Amendment to Section 9.18(c). Section 9.18(c) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:  

“(c)For purposes of this
Section 9.18, purchases of put options and purchases of price floors shall not be considered Swap Agreements.”

	(d) 		Amendment to Annex I. Annex I to the Credit Agreement is hereby deleted in
its entirety and replaced with Annex I attached hereto. 

3.Amendment
to Security Agreement. The definition of “Secured Parties” in each Security Agreement is hereby amended and restated
in its entirety to read as follows:

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders and each party to a Permitted Swap Agreement if at the time of entering
into such Permitted Swap Agreement such Person was a Lender under the Prior Agreement or the Credit Agreement or an Affiliate of
a Lender under the Prior Agreement or the Credit Agreement.

4.Partial
Release; Consent to Transfer; Consent to Second Lien Amendment.

	(a) 		The Administrative Agent, on behalf of itself and the Lenders, hereby releases the
Equity Interests of Hunter Disposal, LLC held by Triad Hunter, LLC and all general intangibles related thereto (collectively,
the “Released Property”) and does hereby agree that all security interests, Liens and rights in the Released
Property granted to the Administrative Agent or the Lenders in the Loan Documents are hereby waived, discharged and released in
their entirety. This release is a partial release only, limited solely to the security interests, Liens and rights in the Released
Property granted in the Loan Documents and does not affect or impair in any manner any of the other Collateral. 

	(b) 		The Administrative Agent and the Lenders hereby consent to the transfer (free and
clear of any Liens) by Triad Hunter, LLC to GreenHunter Energy, Inc. of the Released Property. The Administrative Agent and the
Lenders hereby (i) waive Section 9.11 of the Credit Agreement to the extent necessary to effectuate the sale, transfer or
other disposition of the Released Property and (ii) agree that the value of the Released Property shall not be included in
calculating the usage of the basket in Section 9.11(e) of the Credit Agreement. 

 

    	-2-

    	 

    
 

	(c) 		The Administrative Agent and the Lenders hereby consent to an amendment to the Second Lien Credit Agreement on substantially similar
terms and containing substantially similar provision as this Amendment. 

5.Borrowing
Base Redetermination; Acknowledgement and Agreement of the Parties.

	(a) 		Effective as of the Fifth Amendment Effective Date, the Conforming Borrowing Base
shall be equal to $235,000,000 and the Non-Conforming Borrowing Base shall be equal to $0. 

	(b) 		The parties hereto acknowledge and agree that the Borrowing Base redetermination effected
pursuant to clause (a) of this Section 5 shall be deemed to be the May 1, 2012 Scheduled Redetermination. 

6.Ratification.
Each of the Borrower and the Guarantors hereby ratifies all of its respective obligations under the Credit Agreement and each of
the Loan Documents to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents
to which it is a party are and shall continue to be in full force and effect as amended and modified by this Amendment. Except
as provided herein, nothing in this Amendment extinguishes, novates or releases any right, claim, lien, security interest or entitlement
of any of the Lenders or the Administrative Agent created by or contained in any of such documents nor is the Borrower nor any
Guarantor released from any covenant, warranty or obligation created by or contained herein or therein.

7.Representations
and Warranties. The Borrower and Guarantors hereby represent and warrant to the Administrative Agent and the Lenders that (a) this
Amendment has been duly executed and delivered on behalf of the Borrower and Guarantors, (b) this Amendment constitutes a
valid and legally binding agreement enforceable against the Borrower and Guarantors in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (c) the
representations and warranties contained in the Credit Agreement and the Loan Documents are true and correct on and as of the date
hereof in all material respects as though made as of the date hereof (except to the extent any such representations and warranties
are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct
as of such specified earlier date), (d) no Default or Event of Default exists under the Credit Agreement or under any Loan
Document as of the Fifth Amendment Effective Date and (e) the execution, delivery and performance of this Amendment has been
duly authorized by the Borrower and Guarantors.

    	-3-

    	 

    

8.Conditions
to Effectiveness. This Amendment shall be effective on the Fifth Amendment Effective Date upon satisfaction of the following
conditions:

	(a) 		the Borrower, the Guarantors and each of the Lenders shall have executed and delivered
to the Administrative Agent counterparts of this Amendment; 

	(b) 		the Borrower shall have executed and delivered to the Administrative Agent a Note
payable to the order of the New Lender (as hereinafter defined), if requested by the New Lender; 

	(c) 		the Borrower shall have delivered to the Administrative Agent (i) the Reserve Report
supporting the redetermination of the Borrowing Base effected hereby, (ii) the related certificate required to be delivered
by the Borrower pursuant to Section 8.12(a) and (c) of the Credit Agreement, (iii) any Engineering Reports as shall have
been reasonably requested by the Required Lenders in connection with the Reserve Report described in clause (i) above and (iv) title
information required to be delivered by the Borrower pursuant to Section 8.13(a) of the Credit Agreement; and 

	(d) 		the Borrower shall have paid to the Administrative Agent and the Lenders all fees
and expenses that are due in connection with this Amendment. 

9.New
Lender; Assignment and Reallocation of Commitments.

	(a) 		By its execution of this Amendment, Royal Bank of Canada (the “New Lender”)
shall become a party to the Credit Agreement as of the Fifth Amendment Effective Date and shall have all the rights and obligations,
severally and not jointly, of a “Lender” under the Credit Agreement and the other Loan
Documents as if it were an original signatory thereto, and shall agree, and does hereby agree to be bound by the terms
and conditions set forth in the Credit Agreement and the other Loan Documents to which the Lenders are a party, in each case,
as if each were an original signatory thereto. 

	(b) 		The New Lender (i) confirms that it has received a copy of the Credit
Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Amendment and the Credit Agreement; (ii) agrees that it has independently and without reliance upon the Administrative
Agent or any other Lender, and based on such information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Amendment and the Credit Agreement (and that it will, independently and without reliance upon the Administrative
Agent, the Issuing Bank or any other Lender and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Credit Agreement); (iii) represents and warrants
that (A) its name set forth herein is its legal name, (B) it has the full power and authority and the legal right to make, deliver
and perform, and has taken all necessary action, to authorize the execution, delivery and performance of this Amendment, and any
and all other documents delivered by it in connection herewith and to fulfill its obligations under, and to consummate the transactions
contemplated by, this Amendment, the Credit Agreement and the other Loan Documents, (C) no consent or authorization of, filing
with, or other act by or in respect of any Governmental Authority, is required in connection herewith or therewith, and (D) this
Amendment constitutes its legal, valid and binding obligation; (iv) appoints and authorizes the Administrative Agent to take
such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to the
Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (v) appoints
and authorizes the Issuing Bank to take such action as letter of credit issuing bank on its behalf and to exercise such powers
and discretion under the Loan Documents as are delegated to the Issuing Bank by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto; (vi) agrees that it will perform in accordance with their terms all of the
obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender; and (vii) represents and
warrants that under applicable Laws no tax will be required to be withheld by the Administrative Agent or the Borrower with respect
to any payments to be made to such New Lender hereunder or under any Loan Document, and no tax forms described in Section 5.03(a)
of the Credit Agreement are required to be delivered by the New Lender (or if required, such tax forms have been delivered to
the Administrative Agent as required under Section 5.03(a) of the Credit Agreement). 

    	-4-

    	 

    

	(c) 		The New Lender hereby advises each other party hereto that its address for notices
and its Lending Office shall be as set forth below its name on its signature page attached hereto. 

	(d) 		On the Fifth Amendment Effective Date, each of the Lenders that was a Lender prior
to the Fifth Amendment Effective Date (each, an “Existing Lender”) hereby sells, assigns, transfers and conveys
to the New Lender, and the New Lender hereby purchases and accepts, so much of the aggregate commitments under, and loans and
participations in letters of credit outstanding under, the Credit Agreement such that, immediately after giving effect to the
effectiveness of this Amendment, the Applicable Percentage of each Lender to the Credit Agreement and the portion of the Commitment
of each Lender, shall be as set forth on Annex I, as amended hereby (it being understood that if any Letters of Credit
are outstanding under the Credit Agreement as of the Fifth Amendment Effective Date, then the New Lender shall have purchased
and accepted from the Existing Lenders, a participation in such outstanding Letters of Credit based on its Applicable Percentage).
The foregoing assignments, transfers and conveyances are without recourse to any Existing Lender and without any warranties whatsoever
by the Administrative Agent, the Issuing Bank or any Existing Lender as to title, enforceability, collectability, documentation
or freedom from Liens, in whole or in part, other than that the warranty of any such Existing Lender that it has not previously
sold, transferred, conveyed or encumbered such interests. The Existing Lenders and the Lenders shall, if appropriate, make all
appropriate adjustments in payments under the Credit Agreement and the other Loan Documents thereunder for periods prior to the
adjustment date among themselves, but in no event shall any such adjustment of Eurodollar Loans (a) constitute a payment or prepayment
of all or a portion of any Eurodollar Loans or (b) entitle any Lender to any reimbursement under Section 5.02 of the Credit Agreement. 

10.Counterparts.
This Amendment may be signed in any number of counterparts, which may be delivered in original, electronic or facsimile form each
of which shall be construed as an original, but all of which together shall constitute one and the same instrument.

11.Governing
Law. This Amendment, all Notes, the other Loan Documents and all other documents executed in connection herewith shall be deemed
to be contracts and agreements under the laws of the State of New York and of the United States of America and for all purposes
shall be construed in accordance with, and governed by, the laws of New York and of the United States.

12.Final
Agreement of the Parties. Any previous agreement among the parties with respect to the subject matter hereof is superseded
by the Credit Agreement, as amended by this Amendment. Nothing in this Amendment, express or implied is intended to confer upon
any party other than the parties hereto any rights, remedies, obligations or liabilities under or by reason of this Amendment.

[Signature Pages Follow]

    	-5-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the Fifth
Amendment Effective Date.

 

	 	
        BORROWER:

         

        MAGNUM HUNTER RESOURCES

        CORPORATION, a Delaware corporation

         

         

        By: /s/ Ronald D. Ormand

        Ronald D. Ormand

        Chief Financial Officer

         

         

        GUARANTORS:

         

        PRC WILLISTON, LLC,

        a Delaware limited liability company

         

        By:   Magnum Hunter Resources Corporation,

                 its sole member

         

         

        By: /s/ Ronald D. Ormand

        Ronald D. Ormand

        Chief Financial Officer

         

         

        MAGNUM HUNTER RESOURCES LP,

        a Delaware limited partnership

         

        By:  Magnum Hunter Resources GP, LLC,

                its general partner

         

                  By:   Magnum Hunter Resources Corporation,

                             its sole member

         

        

                          By: /s/ Ronald D. Ormand

                       Ronald D. Ormand

               Chief Financial Officer

 

Signature Page to Fifth
Amendment to Credit Agreement 

	-6-

 
    	 

    

 

	 	MAGNUM HUNTER RESOURCES GP, LLC, 
a Delaware limited liability company 
 
    
By:   Magnum Hunter Resources Corporation,
          its sole
    member 
  
        By: /s/ Ronald D. Ormand 
               Ronald
    D. Ormand 
               Chief Financial Officer
    
  
  
TRIAD HUNTER, LLC, 
a Delaware limited liability company 
  
By: /s/ Ronald D.
    Ormand 
       Ronald D. Ormand 
       Vice
    President 
  
  
EAGLE FORD HUNTER, INC., 
a Colorado corporation 
  
  
By: /s/
    Ronald D. Ormand 
       Ronald D. Ormand 
       Secretary
    
  
  
MAGNUM HUNTER PRODUCTION INC., 
a Kentucky corporation 
  
  
By: /s/ Ronald
    D. Ormand 
       Ronald D. Ormand 
       Chief
    Financial Officer 
  
  
NGAS HUNTER, LLC 
  

    By: /s/ Ronald D. Ormand 
       Ronald D. Ormand 
       Vice President and Treasurer 

 

 

Signature Page to Fifth
Amendment to Credit Agreement 

    	-7-

    	 

    

 

	 	
        MHR CALLCO CORPORATION,

        a corporation existing under the laws of the Province of Alberta

         

         

        By: /s/ Ronald D. Ormand

               Ronald D. Ormand

               Vice President

         

         

        MHR EXCHANGECO CORPORATION,

        a corporation existing under the laws of the Province of Alberta

         

         

        By: /s/ Ronald D. Ormand

               Ronald D. Ormand

       Vice
President

         

         

        WILLISTON HUNTER CANADA, INC.,

        a corporation existing under the laws of the Province of Alberta

         

         

        By: /s/ Ronald D. Ormand

               Ronald D. Ormand

               Executive Vice President and Chief

       Financial Officer

         

         

        WILLISTON HUNTER INC.,

        a Delaware corporation

         

         

        By: /s/ Ronald D. Ormand

               Ronald D. Ormand

               Executive Vice President and Chief

       Financial Officer

         

 

 

 Signature Page to Fifth
Amendment to Credit Agreement

 

    	-8-

    	 

    

 

	 	
        WILLISTON HUNTER ND, LLC,

        a Delaware limited liability company

         

         

        By: /s/ Ronald D. Ormand

               Ronald D. Ormand

               Vice President and Treasurer

         

 

 

 Signature Page to Fifth
Amendment to Credit Agreement

 

    	-9-

    	 

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	BANK OF MONTREAL
	 	 
	 	 
	 	By:  /s/ Gumaro Tijerina
	 	Gumaro Tijerina
	 	Director

 

 

    	-10-

    	 

    

 

		LENDER:
	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By: /s/ Nancy M. Mak
	 	Nancy M. Mak
	 	Vice President

 

 Signature Page to Fifth
Amendment to Credit Agreement

    	-11-

    	 

    

 

	 	LENDER:
	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	By: /s/ Mark Serice
	 	Mark Serice
	 	Senior Vice President

 

Signature Page to Fifth
Amendment to Credit Agreement 

    	-12-

    	 

    

 

		LENDER:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	By: /s/ David Morris
	 	David Morris
	 	Vice President

 

 Signature Page to Fifth
Amendment to Credit Agreement

    	-13-

    	 

    

 

	 	LENDER:
	 	 
	 	UBS LOAN FINANCE LLC
	 	 
	 	 
	 	By: /s/ Irja R. Otsa
	 	Irja R. Otsa
	 	Associate Director
	 	 
	 	 
	 	By: /s/ Mary E. Evans
	 	Mary E. Evans
	 	Associate Director

 

 Signature Page to Fifth
Amendment to Credit Agreement

 

    	-14-

    	 

    

 

	 	LENDER:
	 	 
	 	CITIBANK, N.A.
	 	 
	 	 
	 	By: /s/ Angela McCracken
	 	Angela McCracken
	 	Vice President

 

 Signature Page to Fifth
Amendment to Credit Agreement

    	-15-

    	 

    

 

	 	LENDER:
	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 
	 	 
	 	By: /s/ Michael Getz
	 	Michael Getz
	 	Vice President
	 	 
	 	 
	 	By: /s/ Carin Keegan
	 	Carin Keegan
	 	Director

 

Signature Page to Fifth
Amendment to Credit Agreement

    	-16-

    	 

    

 

	 	LENDER:
	 	 
	 	UNION BANK, N.A.
	 	 
	 	 
	 	By: /s/ Paul E. Cornell
	 	Paul E. Cornell
	 	Senior Vice President

 

 

Signature Page to Fifth
Amendment to Credit Agreement 

    	-17-

    	 

    

 

	 	LENDER:
	 	 
	 	CREDIT SUISSE AG, Cayman Islands Branch
	 	 
	 	 
	 	By: /s/ Nupur Kumar
	 	Nupur Kumar
	 	Vice President
	 	 
	 	 
	 	By: /s/ Rahul Parmar
	 	Rahul Parmar
	 	Associate

 

 Signature Page to Fifth
Amendment to Credit Agreement

    	-18-

    	 

    

 

	 	LENDER:
	 	 
	 	GOLDMAN SACHS BANK USA
	 	 
	 	 
	 	By: /s/ Mark Walton
	 	Mark Walton
	 	Vice President

 

 

Signature Page to Fifth Amendment
to Credit Agreement 
	-19-

 
    	 

    

 

	 	LENDER:
	 	 
	 	SUNTRUST BANK
	 	 
	 	 
	 	By: /s/ Gregory C. Magnuson
	 	Gregory C. Magnuson
	 	Vice President

 

Signature Page to Fifth
Amendment to Credit Agreement

    	-20-

    	 

    

 

	 	 
	 	NEW LENDER
	 	 
	 	ROYAL BANK OF CANADA
	 	 
	 	 
	 	By:  /s/ Don J. McKinnerney
	 	Name: Don J. McKinnerney
	 	Title:  Authorized Signatory
	 	 
	 	 
	 	Address for Notices:
	 	 
	 	Royal Bank of Canada - WFC Branch
	 	Three World Financial Center

200 Vesey Street
	 	New York, NY 10281-8098
	 	Attention: US Specialized Service Officer
	 	Telecopy: (212) 428-2372
	 	 
	 	 
	 	Lending Office:
	 	 
	 	Royal Bank of Canada - WFC Branch
	 	Three World Financial Center
	 	200 Vesey Street
	 	New York, NY 10281-8098
	 	Attention: US Specialized Service Officer
	 	Telephone: (416) 955-6599

 

 

 

 Signature Page to Fifth
Amendment to Credit Agreement

-21-

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