Document:

Exhibit

SECOND AMENDMENT
TO
SECOND AMENDED AND RESTATED
5-YEAR REVOLVING CREDIT AGREEMENT
dated as of
August 31, 2015
among
PIONEER NATURAL RESOURCES COMPANY,
as the Borrower
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent 
WELLS FARGO BANK, NATIONAL ASSOCIATION,
BANK OF AMERICA, N.A. and
JPMORGAN CHASE BANK, N.A.,
as Issuing Banks

WELLS FARGO BANK, NATIONAL ASSOCIATION,
BANK OF AMERICA, N.A. and
JPMORGAN CHASE BANK, N.A.,
as Swingline Lenders

and
The Lenders Party Hereto

BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A.,
as Co-Syndication Agents
BANK OF MONTREAL and CITIBANK, N.A.,
as Co-Documentation Agents

WELLS FARGO SECURITIES, LLC,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and
 J.P. MORGAN SECURITIES LLC,
as Co-Arrangers and Joint Bookrunners

Second Amendment to Second Amended and Restated 
5-Year Revolving Credit Agreement
This Second Amendment to Second Amended and Restated 5-Year Revolving Credit Agreement dated as of August 31, 2015 (the “Second Amendment”), among Pioneer Natural Resources Company, a Delaware corporation, as the Borrower (the “Borrower”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), Wells Fargo Bank, National Association, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Issuing Banks, Wells Fargo Bank, National Association, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Swingline Lenders, the Lenders party hereto, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Bank of Montreal and Citibank N.A., as Co-Documentation Agents, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as Co-Arrangers and Joint Bookrunners.
Recitals
A.    The Borrower, the Administrative Agent and the other agents and Lenders party thereto are parties to that certain Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 31, 2011 (as amended, modified, supplemented, restated or replaced from time to time, the “Agreement”) pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B.    The Borrower has requested and the Administrative Agent and the Lenders agree that certain terms and provisions of the Agreement be amended as provided in this Second Amendment.
C.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term which is defined in the Agreement, but which is not defined in this Second Amendment, shall have the meaning ascribed such term in the Agreement.  Unless otherwise indicated, all section references in this Second Amendment refer to the Agreement.
    
Section 2.     Amendments to Agreement.

2.1    Restated Definitions.  The definitions of “Agreement”, “Credit Exposure”, “Excluded Taxes”, “FATCA”, “Indemnified Taxes”, “LIBO Rate”, “Loans”, “Maturity Date”, “Other Taxes”, and “Taxes” contained in Section 1.01 of the Agreement are hereby amended and restated in their entirety to read in full as follows:
“Agreement” means this Second Amended and Restated 5-Year Revolving Credit Agreement, as the same has been amended by the First Amendment, the Second Amendment, and as the same may be further amended, modified, supplemented, restated or replaced from time to time.
“Credit Exposure” means, with respect to any Lender at any time, the sum (without duplication) of (a) the outstanding principal amount of such Lender’s Loans (including Swingline Loans) at such time, (b) its LC Exposure at such time and (c) its Swingline Exposure (other than such Lender’s Swingline Exposure with respect to Swingline Loans made by such Lender in its capacity as a Swingline Lender, if any) at such time.
“Excluded Taxes” means, with respect to any Recipient of a payment made by or on account of any obligation of any Obligor under any Loan Document (a) Taxes imposed on or 

measured by its net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed on it by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or (ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding Tax that is imposed on amounts payable to or for the account of such Lender at the time such Lender (i) becomes a party to this Agreement, whether upon execution or upon assignment (other than an assignment pursuant to a request by the Borrower under Section 2.19(b)), or (ii) designates a new lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Lender’s failure to comply with Section 2.17(e), and (d) any U.S. federal withholding Taxes imposed under FATCA.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Obligor under any Loan Document, and (b) to the extent not otherwise described in (a), Other Taxes.
“LIBO Rate” means, with respect to any Eurodollar Revolving Borrowing for any Interest Period, the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period.  In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. Notwithstanding the foregoing, if the LIBO Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement in the form of a Revolving Loan or a Swingline Loan.
“Maturity Date” means the later of (a) August 31, 2020 and (b) if maturity is extended pursuant to Section 2.20, such extended maturity date as determined pursuant to Section 2.20 (it being understood and agreed that any such maturity shall not be deemed extended for any Lender that has not consented to such extension).

“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing or any other similar Taxes arising from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to a request by the Borrower under Section 2.19(b)). 
“Taxes” means any and all present or future taxes, levies, imposts, assessments, duties, deductions, charges or withholdings (including backup withholding) imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
2.2    Additional Definitions.  Section 1.01 of the Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:
“Anti-Corruption Laws” means all state or federal laws, rules, and regulations applicable to the Borrower or any of its Subsidiaries from time to time concerning bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.
 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Participant Register” has the meaning set forth in Section 9.04(c).
 “Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions (including, as of the Second Amendment Effective Date, Cuba, Iran, North Korea, Sudan, Syria and the Crimea region of Ukraine).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty’s Treasury, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person that is owned or Controlled by any such Person or Persons described in clauses (a) and (b).
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC and the U.S. Department of State), the United Nations Security Council, the European Union or Her Majesty’s Treasury.
 “Second Amendment” means the Second Amendment to Agreement dated as of August 31, 2015 among the Borrower, the Administrative Agent and the other agents and Lenders party thereto.
“Second Amendment Effective Date” means August 31, 2015.

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“Withholding Agent” means any Obligor and the Administrative Agent, as applicable.
2.3     Definition of “Applicable Margin”. The pricing grid set forth in the definition of “Applicable Margin” in Section 1.01 of the Agreement is hereby replaced with the pricing grid set forth below:
	
				
	Index Debt Ratings
	Commitment Fee Rate
	Eurodollar Spread 
	ABR Spread

	Category 1
≥Baa1/BBB+
	0.125%
	1.125%
	0.125%

	Category 2
Baa2/BBB
	0.150%
	1.250%
	0.250%

	Category 3
Baa3/BBB-
	0.200%
	1.500%
	0.500%

	Category 4
Ba1/BB+
	0.275%
	1.750%
	0.750%

	Category 5
≤Ba2/BB
	0.350%
	2.000%
	1.000%

2.4    Amendment to Section 2.06(b) of the Agreement.  Section 2.06(b) of the Agreement is hereby amended by deleting the reference to “$250,000,000” set forth in such Section and replacing it with “$125,000,000”.

2.5    Amendment to Section 2.15(b) of the Agreement.  Section 2.15(b) of the Agreement is hereby amended by adding “and liquidity” after the reference to “capital adequacy” in such Section.

2.6    Amendment to Section 2.17 of the Agreement.  Section 2.17 of the Agreement is hereby amended and restated in its entirety to read in full as follows:

Section 2.17  Taxes.  Any and all payments by or on account of any obligation of any Obligor under this Agreement shall be made free and clear of and without deduction or withholding for any Indemnified Taxes, except as required under applicable law; provided that if any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Indemnified Taxes from any such payment, then (i) the applicable Withholding Agent shall be entitled to deduct such Indemnified Taxes from such payments, (ii) the sum payable shall be increased as necessary so that after making all required deductions or withholdings (including such deductions or withholdings applicable to additional sums payable under this Section), the Administrative Agent, Lender, or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deduction or withholding been made, and (iii) the applicable Withholding Agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law 

(b)    In addition, the Obligors shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or, at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes. 

(c)     The Obligors shall indemnify each Recipient within 15 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be 

withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or Issuing Bank (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Banks, shall be conclusive absent manifest.

(d)    As soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.  
(e) (i)     any Lender that is entitled to an exemption from or reduction of withholding Taxes with respect to payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(e) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)    Without limiting the generality of the foregoing: 
(A)    any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Taxes; 
(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:
(1)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal 

withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)    executed copies of IRS Form W-8ECI;
(3)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or
(4)    to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner; and
(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.
(D)    If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

Each Lender and the Administrative Agent agrees that if any form or certification it previously delivered under this Section 2.17 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
(f)    If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(g)    Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(h)    For purposes of determining withholding Taxes imposed under FATCA, from and after the Second Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
2.7    Amendment to Section 2.19 of the Agreement.  Section 2.19(a) of the Agreement is hereby amended by deleting the phrase “any additional amount” in the first sentence of such subsection and replacing it with the phrase “any Indemnified Taxes or additional amounts”. 

2.8    Amendment to Section 2.20 of the Agreement.  Section 2.20 of the Agreement is hereby amended by deleting the phrase “one such extension” in the first sentence of such Section and replacing it with the phrase “two such extensions”.

2.9    Addition of Section 3.13 of the Agreement. A new Section 3.13 is hereby added to the Agreement in its appropriate numerical order, and such new Section 3.13 is to read in full as follows:
Section 3.13.  Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures designed to achieve compliance by the Borrower, its Subsidiaries, and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.  The Borrower and its Subsidiaries are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary or any of their respective directors or officers or (b) to the knowledge of the Borrower, any agent or employee of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit 

from the credit facility established hereby, is a Sanctioned Person. No Borrowing, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.
2.10    Amendment to Section 5.08 of the Agreement. Section 5.08 of the Agreement is hereby amended and restated in its entirety to read in full as follows:
Section 5.08.  Use of Proceeds and Letters of Credit.  The proceeds of the Loans will be used for general corporate purposes.  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit directly or, to the knowledge of the Borrower, indirectly, (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by the Borrower, any of its Subsidiaries or a corporation incorporated in the United States or in the European Union, or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

2.11    Addition of Section 5.10 of the Agreement. A new Section 5.10 is hereby added to the Agreement in its appropriate numerical order, and such new Section 5.10 is to read in full as follows:

Section 5.10.  Compliance with Anti-Corruption Laws and Sanctions.  The Borrower will maintain in effect and enforce such policies and procedures, if any, as it reasonably deems appropriate, in light of its business activities (if any), designed to achieve compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
2.12    Amendment to Section 6.01(b)(iii) of the Agreement.  Section 6.01(b)(iii) of the Agreement is hereby amended to add the following phrase at the end of clause (b)(iii) thereof: “or Indebtedness which is secured by a Lien on any property or asset acquired to the extent such Lien is permitted by Section 6.02(c)”.

2.13    Amendment to Section 6.03. Section 6.03 of the Agreement is hereby amended by adding a new clause (c) to the end thereof, which clause (c) shall read in full as follows:

(c)    The Borrower will not change its jurisdiction of organization to a jurisdiction outside the United States of America.

2.14    Amendment to Section 6.05 of the Agreement. Section 6.05 of the Agreement is hereby amended and restated in its entirety to read in full as follows:

Section 6.05.  Intentionally Omitted.

2.15    Amendment to Section 6.06 of the Agreement. Section 6.06 of the Agreement is hereby amended and restated in its entirety to read in full as follows:

Section 6.06  Intentionally Omitted.

2.16    Amendment to Section 6.07 of the Agreement. Section 6.07 of the Agreement is hereby amended and restated in its entirety to read in full as follows

Section 6.07  Intentionally Omitted.

2.17    Amendment to Section 9.04(c)(i) of the Agreement. Section 9.04(c)(i) of the Agreement is hereby amended to add the following at the end thereof:

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

2.18    New Exhibits.  The Agreement shall be amended to add new Exhibits H-1, H-2, H-3, and H-4 attached hereto as Exhibits H-1, H-2, H-3, and H-4, respectively.

2.19    Amendment to Schedule 2.01 of the Agreement.  Schedule 2.01 to the Agreement is hereby amended by deleting it in its entirety and replacing it with Schedule 2.01 attached hereto.

2.20    Certain Subsidiary Provisions No Longer Applicable.  Certain provisions of the Agreement are no longer applicable.  Accordingly, the parties hereby agree as follows:
(a)    The last sentence in the definition of “Subsidiary” is hereby deleted in its entirety. 
(b)    The last sentence in the definition of “Unrestricted Subsidiary” is hereby deleted in its entirety. 
(c)    Section 6.08 of the Agreement is hereby amended by (i) deleting the reference to “(iv)” therein and replacing it with “and (iv)”, and (ii) deleting the reference to “and (v) the foregoing shall 

not apply to customary restrictions or conditions existing in any agreement relating to Indebtedness of Pioneer Southwest Energy Partners L.P. in the event it becomes a Restricted Subsidiary” therein.
    
Section 3.    Conditions Precedent.  The effectiveness of this Second Amendment is subject to the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions provided in this Section 3, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance (the date on which such effectiveness occurs, the “Second Amendment Effective Date”):

3.1    The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Second Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Second Amendment) that such party has signed a counterpart of this Second Amendment.

3.2    The Administrative Agent, Lenders and Co-Arrangers shall have received all fees and other amounts due and payable on or prior to the Second Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

3.3    The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of each Obligor dated as of the Second Amendment Effective Date setting forth (1) resolutions of its board of directors (or its equivalent) with respect to the authorization of such Obligor to execute and deliver the Loan Documents to which it is a party and to enter into the Transactions contemplated in those documents, (2) the officers of such Obligor (a) who are authorized to sign the Loan Documents to which such Obligor is a party and (b) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the Transactions contemplated hereby, (3) specimen signatures of such authorized officers, and (4) the organizational documents and good standing certificates of such Obligor, certified as being true and complete.  The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from such Obligor to the contrary.

3.4    The Administrative Agent shall have received duly executed promissory notes payable to each Lender that has requested a promissory note in a principal amount equal to its Commitment dated as of the Second Amendment Effective Date.  

3.5    The Administrative Agent shall have received a certificate, dated the Second Amendment Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, certifying compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Agreement.

3.6    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Second Amendment Effective Date) of any general counsel or associate general counsel of the Borrower or a wholly owned subsidiary of the Borrower acting as counsel for the Borrower, and of Thompson & Knight LLP, outside counsel for the Borrower.

3.7    The Administrative Agent shall have received such other documents as the Administrative Agent (or its counsel) may reasonably request.

Section 4.    Representations and Warranties; Etc.  The Borrower hereby affirms:  (a) that, as of the date of execution and delivery of this Second Amendment and after giving effect hereto, all of the 

representations and warranties contained in each Loan Document are true and correct in all material respects as though made on and as of such date; (b) that after giving effect to this Second Amendment and to the transactions contemplated hereby (i) no Defaults exist under the Loan Documents or will exist under the Loan Documents and (ii) there has been no change since December 31, 2014 that has resulted in a Material Adverse Effect which is continuing; and (c) that this Second Amendment has been duly authorized and executed and is enforceable in accordance with its terms.

Section 5.    Reference to and Effect Upon the Agreement and other Loan Documents.

5.1    This Second Amendment shall constitute a Loan Document as such term is defined in the Agreement.
    
5.2    Except as specifically amended hereby, the Agreement and each other Loan Document shall remain in full force and effect and are hereby ratified and confirmed.

5.3    This Second Amendment is limited as specified herein and shall not constitute an amendment or waiver of, or an indication of the Administrative Agent’s or the Lenders’ willingness to amend or waive, any other provisions of the Agreement or the other Loan Documents for any other date or purpose.

Section 6.    Assignment and Assumption.

6.1    For an agreed consideration, each Lender (individually an “Assignor” and collectively, the “Assignors”) hereby irrevocably sells and assigns, severally and not jointly, (i) all of such Assignor’s rights and obligations in its capacity as Lender under the Agreement and any other documents or instruments delivered pursuant thereto to the extent related to its Commitment and Credit Exposure, as the case may be, identified in Annex I attached hereto and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of such Assignor (in its capacity as Lender) against any Person, whether known or unknown, arising under or in connection with the Agreement, any other documents or instruments delivered pursuant thereto or the transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively for all Assignors as the “Assigned Interests”) to the Lenders (individually, an “Assignee” and, collectively, the “Assignees”) set forth on Schedule 2.01 to this Second Amendment (which shall replace the existing Schedule 2.01 to the Agreement as of the Second Amendment Effective Date), and each Assignee hereby irrevocably purchases and assumes from each Assignor such Assignee’s percentage (as set forth on Schedule 2.01 to this Second Amendment) of the Assigned Interests, subject to and in accordance with the Agreement and this Second Amendment, as of the Second Amendment Effective Date. Such sale and assignment is without recourse to the Assignors and, except as expressly provided in this Second Amendment, without representation or warranty by the Assignors.

6.2    From and after the Second Amendment Effective Date, the Administrative Agent shall distribute all payments in respect of the Assigned Interests (including payments of principal, interest, fees and other amounts) to the appropriate Assignors for amounts which have accrued to but excluding the Second Amendment Effective Date and to the appropriate Assignees for amounts which have accrued from and after the Second Amendment Effective Date.

6.3    After giving effect to the assignments in Section 6.1 of this Second Amendment, each of Credit Agricole Corporate and Investment Bank, DNB Bank ASA and Mizuho Corporate Bank, Ltd. (each, an 

“Exiting Lender”) shall cease to be a party to the Agreement as of the Second Amendment Effective Date and shall no longer be a “Lender”, each Exiting Lender’s Commitment shall be $0.00, and each Exiting Lender’s Commitments to lend and its other obligations under the Agreement shall be terminated automatically with no further action required.  Each Exiting Lender joins in the execution of this Second Amendment solely for purposes of effectuating this Second Amendment pursuant to Section 3 hereof and assigning their Assigned Interests pursuant to this Section 6.
6.4    After giving effect to the assignments in Section 6.1 of this Second Amendment, each of BNP Paribas and The Bank of Nova Scotia (each, a “New Lender”) hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Agreement as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Agreement, to the same extent as if each New Lender were an original signatory thereto.  Each New Lender hereby appoints and authorizes the Administrative Agent to take such action as the Administrative Agent on its behalf and to exercise such powers and discretion under the Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto.  Each New Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Second Amendment, to consummate the transactions contemplated hereby and to become a Lender under the Agreement, (b) it has received a copy of the Agreement and copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Second Amendment and to become a Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the Second Amendment Effective Date, it shall be a party to and be bound by the provisions of the Agreement and the other Loan Documents and have the rights and obligations of a Lender thereunder.
Section 7.    Miscellaneous.
7.1    Ratification and Affirmation.  The Borrower hereby expressly (a) acknowledges the terms and conditions of this Second Amendment, (b) ratifies and affirms its obligations under the Loan Documents to which it is a party, (c) acknowledges, renews and extends its continued liability under the Loan Documents to which it is a party and (d) agrees that its obligations under the Loan Documents to which it is a party remain in full force and effect.
7.2    Counterparts.  This Second Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Second Amendment by facsimile or email transmission or other electronic means shall be effective as delivery of a manually executed counterpart hereof.
7.3    No Oral Agreement.  THIS WRITTEN SECOND AMENDMENT, THE AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
7.4    Governing Law.  THIS SECOND AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
[Remainder of page intentionally left blank] 

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed effective as of the date first written above.

	
				
	Borrower:
	 
	PIONEER NATURAL RESOURCES COMPANY

	 
	 
	 
	 

	 
	 
	By:
	/s/ Richard P. Dealy

	 
	 
	Name:
	Richard P. Dealy

	 
	 
	Title:
	Executive Vice President and Chief Financial 

	 
	 
	 
	Officer

    

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Administrative Agent & Lender:
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 
	 
	 

	 
	 
	By:
	/s/ Brandon Kast

	 
	 
	Name:
	Brandon Kast

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Syndication Agent & Lender:
	 
	BANK OF AMERICA, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ronald E. McKaig

	 
	 
	Name:
	Ronald E. McKaig

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Syndication Agent & Lender:
	 
	JPMORGAN CHASE BANK, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Muhammad Hasan

	 
	 
	Name:
	Muhammad Hasan

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Documentation Agent & Lender:
	 
	BANK OF MONTREAL

	 
	 
	 
	 

	 
	 
	By:
	/s/ James V. Ducote

	 
	 
	Name:
	James V. Ducote

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Documentation Agent & Lender:
	 
	CITIBANK, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ivan Davey

	 
	 
	Name:
	Ivan Davey

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	MORGAN STANLEY BANK, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Michael King

	 
	 
	Name:
	Michael King

	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Stephen W. Warfel

	 
	 
	Name:
	Stephen W. Warfel

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	DEUTSCHE BANK AG NEW YORK BRANCH

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ming K. Chu

	 
	 
	Name:
	Ming K. Chu

	 
	 
	Title:
	Vice Presdient

	 
	 
	 
	 

	 
	 
	By:
	/s/ Heidi Sandquist

	 
	 
	Name:
	Heidi Sandquist

	 
	 
	Title:
	Director

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	COMPASS BANK

	 
	 
	 
	 

	 
	 
	By:
	/s/ Blake Kirshman

	 
	 
	Name:
	Blake Kirshman

	 
	 
	Title:
	Senior Vice President

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	CITIZENS BANK, N.A., formerly known as

	 
	 
	The Royal Bank of Scotland plc

	 
	 
	 
	 

	 
	 
	By:
	/s/ Scott Donaldson

	 
	 
	Name:
	Scott Donaldson

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	UBS AG, STAMFORD BRANCH

	 
	 
	 
	 

	 
	 
	By:
	/s/ Denise Bushee

	 
	 
	Name:
	Denise Bushee

	 
	 
	Title:
	Associate Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Craig Pearson

	 
	 
	Name:
	Craig Pearson

	 
	 
	Title:
	Associate Director

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	BARCLAYS BANK PLC

	 
	 
	 
	 

	 
	 
	By:
	/s/ Vanessa Kurbatskiy

	 
	 
	Name:
	Vanessa Kurbatskiy 

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	GOLDMAN SACHS BANK USA

	 
	 
	 
	 

	 
	 
	By:
	/s/ Rebecca Kratz

	 
	 
	Name:
	Rebecca Kratz

	 
	 
	Title:
	Authorized Signatory 

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	SOCIETE GENERALE

	 
	 
	 
	 

	 
	 
	By:
	/s/ Max Sonnonstine

	 
	 
	Name:
	Max Sonnonstine

	 
	 
	Title:
	Director, Portfolio Manager

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	TORONTO DOMINION (TEXAS) LLC

	 
	 
	 
	 

	 
	 
	By:
	/s/ Rayan Karim

	 
	 
	Name:
	Rayan Karim

	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	U.S. BANK NATIONAL ASSOCIATION

	 
	 
	 
	 

	 
	 
	By:
	/s/ Patrick Jeffrey

	 
	 
	Name:
	Patrick Jeffrey

	 
	 
	Title:
	Vice President 

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	CREDIT SUISSE AG, Cayman Islands Branch

	 
	 
	 
	 

	 
	 
	By:
	/s/ Nupur Kumar

	 
	 
	Name:
	Nupur Kumar

	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 

	 
	 
	By:
	/s/ Jayant Rao 

	 
	 
	Name:
	Jayant Rao

	 
	 
	Title:
	Authorized Signatory

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Lender:
	 
	ROYAL BANK OF CANADA

	 
	 
	 
	 

	 
	 
	By:
	/s/ Jay T. Sartain

	 
	 
	Name:
	Jay T. Sartain

	 
	 
	Title:
	Authorized Signatory

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	New Lender:    
	 
	BNP PARIBAS

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ann Rhoads 

	 
	 
	Name:
	Ann Rhoads

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Sriram Chandrasekaran

	 
	 
	Name:
	Sriram Chandrasekaran

	 
	 
	Title:
	Director

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	New Lender:
	 
	THE BANK OF NOVA SCOTIA

	 
	 
	 
	 

	 
	 
	By:
	/s/ John Frazell 

	 
	 
	Name:
	John Frazell

	 
	 
	Title:
	Director - US Energy

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Exiting Lender:
	 
	MIZUHO CORPORATE BANK, LTD.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Leon Mo 

	 
	 
	Name:
	Leon Mo

	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Exiting Lender:
	 
	CREDIT AGRICOLE CORPORATE

	 
	 
	AND INVESTMENT BANK

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ting Lee

	 
	 
	Name:
	Ting Lee

	 
	 
	Title:
	Director

	 
	 
	 
	 

	 
	 
	By:
	/s/ Sharada Manne

	 
	 
	Name:
	Sharada Manne

	 
	 
	Title:
	Managing Director

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

	
				
	Exiting Lender:
	 
	DNB CAPITAL LLC

	 
	 
	 
	 

	 
	 
	By:
	/s/ Asulv Tveit

	 
	 
	Name:
	Asulv Tveit

	 
	 
	Title:
	First Vice President

	 
	 
	 
	 

	 
	 
	By:
	/s/ James Grubb

	 
	 
	Name:
	James Grubb  

	 
	 
	Title:
	Vice President

[Signature Page - Second Amendment - Pioneer Natural Resources Company]

EXHIBIT H-1

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 31, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pioneer Natural Resources Company, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders (the “Lenders”) from time to time party thereto.
Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By:
Name:
Title:
Date: ________ __, 20[ ]

EXHIBIT H-2

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 31, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pioneer Natural Resources Company, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders (the “Lenders”) from time to time party thereto.
Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF PARTICIPANT]
By:
Name:
Title:
Date: ________ __, 20[ ]

EXHIBIT H-3

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 31, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pioneer Natural Resources Company, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders (the “Lenders”) from time to time party thereto.
Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-9 or IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF PARTICIPANT]
By:
Name:
Title:
Date: ________ __, 20[ ]

EXHIBIT H-4

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 31, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Pioneer Natural Resources Company, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders (the “Lenders”) from time to time party thereto.
Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any promissory note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-9 or IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN (or IRS FormW-8BEN-E, as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By:
Name:
Title:
Date: ________ __, 20[ ]

SCHEDULE 2.01
COMMITMENTS
(As of the Second Amendment Effective Date)
	
			
	 
	 
	 

	Lender
	Amount of Commitment
	Percentage of Total Commitments*

	Wells Fargo Bank, National Association
	$105,000,000.00
	7.00000000%

	Bank of America, N.A.
	$105,000,000.00
	7.00000000%

	JPMorgan Chase Bank, N.A.
	$105,000,000.00
	7.00000000%

	Bank of Montreal
	$90,000,000.00
	6.00000000%

	Citibank, N.A.
	$90,000,000.00
	6.00000000%

	Compass Bank
	$85,000,000.00
	5.66666675%

	Goldman Sachs Bank USA
	$85,000,000.00
	5.66666675%

	Royal Bank of Canada
	$85,000,000.00
	5.66666675%

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$85,000,000.00
	5.66666675%

	Barclays Bank PLC
	$73,000,000.00
	4.86666700%

	Deutsche Bank AG New York Branch
	$73,000,000.00
	4.86666700%

	Morgan Stanley Bank, N.A.
	$73,000,000.00
	4.86666700%

	Toronto Dominion (Texas) LLC
	$73,000,000.00
	4.86666700%

	UBS AG, Stamford Branch
	$73,000,000.00
	4.86666700%

	BNP Paribas
	$50,000,000.00
	3.33333300%

	Citizens Bank, N.A.
	$50,000,000.00
	3.33333300%

	Credit Suisse AG, Cayman Islands Branch
	$50,000,000.00
	3.33333300%

	Societe Generale
	$50,000,000.00
	3.33333300%

	The Bank of Nova Scotia
	$50,000,000.00
	3.33333300%

	U.S. Bank National Association
	$50,000,000.00
	3.33333300%

	    Total
	$1,500,000,000
	100.00000000%

                                                            
     *Percentages are rounded to the nearest one-hundredth

ANNEX I
COMMITMENTS 
(Immediately Prior to the Second Amendment Effective Date)
	
		
	 
	 

	Lender
	Amount of Commitment

	Wells Fargo Bank, National Association
	$100,000,000

	Bank of America, N.A.
	100,000,000

	JPMorgan Chase Bank, N.A.
	100,000,000

	Bank of Montreal
	85,000,000

	Citibank, N.A.
	85,000,000

	BBVA Compass
	85,000,000

	Mizuho Corporate Bank, Ltd.
	85,000,000

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	85,000,000

	Royal Bank of Canada
	85,000,000

	Deutsche Bank AG New York Branch
	75,000,000

	DNB Bank ASA
	75,000,000

	Citizens Bank, N.A.
	75,000,000

	UBS AG, Stamford Branch
	75,000,000

	Goldman Sachs Bank USA
	75,000,000

	Credit Agricole Corporate and Investment Bank
	45,000,000

	Credit Suisse AG, Cayman Islands Branch
	45,000,000

	Toronto Dominion (Texas) LLC
	45,000,000

	U.S. Bank National Association
	45,000,000

	Barclays Bank PLC
	45,000,000

	Morgan Stanley Bank, N.A.
	45,000,000

	Societe Generale
	45,000,000

	    Total
	$1,500,000,000ex10-1.htm

Exhibit 10.1

 

FIRST AMENDMENT TO AMENDED AND RESTATED 

CREDIT AGREEMENT AND COMMITMENT INCREASE AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND COMMITMENT INCREASE AGREEMENT (this “First Amendment”) is dated and effective as of August 31, 2015 (the “First Amendment Effective Date”) by and among, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent and a Lender (“Wells Fargo”), FIFTH THIRD BANK, as a Lender (‘Fifth Third”), KEYBANK NATIONAL ASSOCIATION, as a Lender (“KeyBank”), BANK OF AMERICA, N.A., as a Lender (“Bank of America”), LAKE CITY BANK, as a Lender (“Lake City”, and collectively with Wells Fargo, Fifth Third, KeyBank, and Bank of America, the “Lenders”), PATRICK INDUSTRIES, INC., an Indiana corporation (“Borrower”), and ADORN HOLDINGS, INC., a Delaware corporation (“Guarantor”).

 

Recitals

 

A.     Borrower, Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement dated as of April 28, 2015 (the “Credit Agreement”).

 

B.     Borrower has requested that the Lenders and the Administrative Agent amend and modify the Credit Agreement to, among other things, (i) increase the aggregate amount of the Revolving Credit Commitments by Fifty Million Dollars ($50,000,000) to Two Hundred Twenty Five Million Dollars ($225,000,000) pursuant to Section 5.13 of the Credit Agreement, (ii) amend the terms governing Permitted Acquisitions, and (iii) reset the permitted aggregate amount for all future Incremental Revolving Credit Commitments.

 

C.     Subject to the terms and conditions stated in this First Amendment, the parties are willing to modify and amend the Credit Agreement, as provided in this First Amendment.

 

Agreement

 

NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements herein, and each act performed and to be performed hereunder, Administrative Agent, the Lenders, Borrower and Guarantor agree as follows:

 

1.     Definitions. Except as otherwise expressly stated in this First Amendment, all terms used in the Recitals and in this First Amendment that are defined in the Credit Agreement, and that are not otherwise defined herein, shall have the same meanings in this First Amendment as are ascribed to them in the Credit Agreement.

 

2.     Increase Provisions. Effective as of the First Amendment Effective Date and on the terms and subject to the conditions of this First Amendment: 

 

(a)     Wells Fargo hereby increases its Revolving Credit Commitment by $17,900,000 (thereby increasing Wells Fargo’s Revolving Credit Commitment to a total of $61,300,000);

 

 

 

 

 

(b)     KeyBank hereby increases its Revolving Credit Commitment by $12,400,000 (thereby increasing KeyBank’s Revolving Credit Commitment to a total of $55,800,000);

 

(c)     Bank of America hereby increases its Revolving Credit Commitment by $15,500,000 (thereby increasing Bank of America’s Revolving Credit Commitment to a total of $50,500,000); and

 

(d)     Lake City hereby increases its Revolving Credit Commitment by $4,200,000 (thereby increasing Lake City’s Revolving Credit Commitment to a total of $14,000,000).

 

The agreements of the Lenders to increase each such Lender’s Revolving Credit Commitment under this Section 2 are several and not joint.

 

3.     Amendments to Credit Agreement. The following amendments are made to the Credit Agreement effective as of the First Amendment Effective Date:

 

(a)     New Definitions. The following definitions are added to Section 1.1 of the Credit Agreement to read in their entirety as follows:

 

“First Amendment” means that certain First Amendment to Amended and Restated Credit Agreement and Commitment Increase Agreement, dated as of the First Amendment Effective Date, by and among the Borrower, Guarantor and the Lenders.

 

“First Amendment Effective Date” means August 31, 2015 or such later date on or before September 30, 2015 as the condition precedent set forth in Section 7(j) is satisfied.

 

“Permitted Acquisition Consideration” means the aggregate amount of the purchase price, including, but not limited to, any assumed debt, earn-outs (to the extent required to be reflected as a liability on the Borrower’s balance sheet in accordance with GAAP), deferred payments, or Equity Interests of the Borrower, net of the applicable acquired company’s cash and Cash Equivalent, balance (as shown on its most recent financial statements delivered in connection with the applicable Permitted Acquisition) to be paid on a singular basis in connection with any applicable Permitted Acquisition as set forth in the applicable Permitted Acquisition Documents executed by the Borrower or any of its Subsidiaries in order to consummate the applicable Permitted Acquisition.

 

“Project Splinter Acquisition” means the Borrower’s acquisition of certain assets of the corporation and limited liability company identified to the Lenders as “Project Splinter”.

 

(b)     Amended Definitions. The following definitions contained in Section 1.1 of the Credit Agreement are amended, and as so amended, restated in their entirety as follows:

 

 

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“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date. Notwithstanding the foregoing, (i) for purposes of Section 9.15(a) only, Consolidated Total Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness on the date which is two days after the last day of the immediately preceding fiscal quarter to (b) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date, and (ii) for purposes of the definition of “Permitted Acquisition” only, Consolidated Total Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness on the date of closing of the contemplated Acquisition to (b) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.

 

“Permitted Acquisition” means any Acquisition that meets all of the following requirements:

 

(a)     no less than ten (10) days (or such lesser period as reasonably approved by Administrative Agent) prior to the proposed closing date of such Acquisition, the Borrower shall have delivered written notice of such Acquisition to the Administrative Agent and the Lenders, which notice shall include the proposed closing date of such Acquisition, if known;

 

(b)     the Acquisition shall have been approved by the board of directors (or equivalent governing body) and/or the stockholders (or other equityholders) of the Person to be acquired;

 

(c)     the Person or business to be acquired shall be in a line of business permitted pursuant to Section 9.11;

 

(d)     if such Acquisition is a merger or consolidation, the Borrower or a Subsidiary Guarantor shall be the surviving Person and no Change in Control shall have been effected thereby;

 

(e)     the Borrower shall have delivered to the Administrative Agent such documents reasonably requested by the Administrative Agent or the Required Lenders (through the Administrative Agent) pursuant to Section 8.14 to be delivered at the time required pursuant to Section 8.14;

 

(f)     no later than three (3) Business Days prior to the proposed closing date of such Acquisition, the Borrower shall have delivered to the Administrative Agent an Officer’s Compliance Certificate for the most recent fiscal quarter end preceding such Acquisition for which financial statements are available demonstrating, in form and substance reasonably satisfactory to the Administrative Agent, that on a Pro Forma Basis (after giving effect to such Acquisition and any Indebtedness incurred in connection therewith), (i) for Acquisitions with a closing date on or before March 31, 2016, the Consolidated Total Leverage Ratio is less than or equal to 2.50 to 1.00, or (ii) for Acquisitions with a closing date after March 31, 2016, the Consolidated Total Leverage Ratio is less than or equal to 2.25 to 1.00;

 

 

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(g)     no later than three (3) Business Days prior to the proposed closing date of such Acquisition the Borrower, to the extent requested by the Administrative Agent, (i) shall have delivered to the Administrative Agent promptly upon the finalization thereof copies of substantially final Permitted Acquisition Documents, which shall be in form and substance reasonably satisfactory to the Administrative Agent, and (ii) shall have delivered to, or made available for inspection by, the Administrative Agent substantially complete Permitted Acquisition Diligence Information, which shall be in form and substance reasonably satisfactory to the Administrative Agent;

 

(h)     no Event of Default or, to the Borrower’s knowledge, Default shall have occurred and be continuing both before and after giving effect to such Acquisition and any Indebtedness incurred in connection therewith;

 

(i)     such Acquisition does not cause the Permitted Acquisition Consideration for all Acquisitions made from the First Amendment Effective Date until and including March 31, 2016 to exceed $40,000,000, excluding Permitted Acquisition Consideration related to the Project Splinter Acquisition;

 

(j)     [reserved]; and

 

(k)     the Borrower shall have (i) delivered to the Administrative Agent a certificate of a Responsible Officer certifying that all of the requirements set forth above have been satisfied or will be satisfied on or prior to the consummation of such purchase or other Acquisition, and (ii) provided such other documents and other information as may be reasonably requested by the Administrative Agent or the Required Lenders (through the Administrative Agent) in connection with such purchase or other Acquisition.

 

“Revolving Credit Commitment” means (a) as to any Revolving Credit Lender, the obligation of such Revolving Credit Lender to make Revolving Credit Loans to the account of the Borrower hereunder in an aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s name on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including, without limitation, Section 5.13) and (b) as to all Revolving Credit Lenders, the aggregate commitment of all Revolving Credit Lenders to make Revolving Credit Loans, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including, without limitation, Section 5.13) as set forth in Schedule 1.1(a). From the First Amendment Effective Date until the Revolving Credit Maturity Date, the aggregate Revolving Credit Commitment of all the Revolving Credit Lenders shall be $225,000,000.

 

 

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“Term Loan Commitment” means (a) as to any Term Loan Lender, the obligation of such Term  Loan  Lender  to  make  a  portion  of  the  Term  Loan,  to  the  account  of  the  Borrower hereunder on the Closing Date in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on the Register, as such amount may be reduced or otherwise modified at any time or from time to time pursuant to the terms hereof and (b) as to all Term Loan Lenders, the aggregate commitment of all Term Loan Lenders to make such Term Loan. The aggregate Term Loan Commitment of all Term Loan Lenders on the Closing Date shall be $75,000,000.  As of the First Amendment Effective Date, the current outstanding Term Loans of all Term Loan Lenders is reflected on Schedule 1.1(a).

 

(c)     Amendment to Section 5.13. The introductory paragraph to subsection (a) of Section 5.13 of the Credit Agreement is amended, and as so amended, restated in its entirety as follows:

 

“(a)     At any time after the Closing Date, the Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more increases in the Revolving Credit Commitments (the “Incremental Revolving Credit Commitments”) to make incremental revolving credit loans (any such increases, the “Incremental Revolving Credit Increases”); provided that (1) the total aggregate amount for all such Incremental Revolving Credit Commitments shall not (as of any date of incurrence thereof) exceed $50,000,000 (excluding the Incremental Revolving Credit Commitment made pursuant to the First Amendment), and (2) the total aggregate amount for each Incremental Revolving Credit Commitment (and the Incremental Revolving Credit Increases made thereunder) shall not be less than a minimum principal amount of $10,000,000 or, if less, the remaining amount permitted pursuant to the foregoing clause (1). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that any Incremental Revolving Credit Commitment shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to Administrative Agent. The Borrower may invite any Lender, any Affiliate of any Lender and/or any Approved Fund, and/or any other Person reasonably satisfactory to the Administrative Agent, to provide an Incremental Revolving Credit Commitment (any such Person, an “Incremental Lender”). Any Lender or any Incremental Lender offered or approached to provide all or a portion of any Incremental Revolving Credit Commitment may elect or decline, in its sole discretion, to provide such Incremental Revolving Credit Commitment. Any Incremental Revolving Credit Commitment shall become effective as of such Increased Amount Date; provided that:”

 

 

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(d)     Amendment to Schedule 1.1(a). Schedule 1.1(a) attached to the Credit Agreement is amended, and as so amended, restated in its entirety in the form of Exhibit A attached hereto.

 

4.     Waiver of Mortgage Amendments. Notwithstanding anything to the contrary in the Credit Agreement or any other Loan Document, the Lenders and Administrative Agent hereby waive any requirement for the Borrower to execute and deliver an amendment in connection herewith related to either (i) that certain Deed to Secure Debt and Security Agreement executed by Borrower in favor of Administrative Agent, dated October 24, 2012, covering certain real estate and other property described therein located in Lowndes County, Georgia; or (ii) that certain Future Advance Real Property Mortgage, Security Agreement, Assignment of Rents and Fixture Filing executed by Borrower in favor of Administrative Agent, dated October 24, 2012, covering certain real estate and other property described therein located in Morgan County, Alabama.

 

5.     Representations of Borrower.  Borrower represents and warrants to the Lenders and Administrative Agent as follows:

 

(a)     (i) The execution, delivery and performance of this First Amendment and all agreements and documents delivered pursuant hereto by Borrower have been duly authorized by all necessary corporate action and do not and will not violate any provision of any law, rule, regulation, order, judgment, injunction, or writ presently in effect applying to Borrower, or its articles of incorporation or bylaws, as applicable, or result in a breach of or constitute a default under any material agreement, lease or instrument to which Borrower is a party or by which Borrower or any of its properties may be bound or affected; (ii) no authorization, consent, approval, license, exemption or filing of a registration with any court or governmental department, agency or instrumentality is or will be necessary to the valid execution, delivery or performance by Borrower of this First Amendment and all agreements and documents delivered pursuant hereto; and (iii) this First Amendment and all agreements and documents delivered pursuant hereto by Borrower are the legal, valid and binding obligations of Borrower, as a signatory thereto, and enforceable against Borrower in accordance with the terms thereof.

 

(b)     After giving effect to the amendments contained in this First Amendment, the representations and warranties contained in Article VII of the Credit Agreement are true and correct in all material respects on and as of the First Amendment Effective Date with the same force and effect as if made on and as of the First Amendment Effective Date, except that the representation in Section 7.15 of the Credit Agreement shall be deemed to refer to the financial statements of Borrower most recently delivered to the Lenders and Administrative Agent prior to the First Amendment Effective Date. 

 

 

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(c)     No Event of Default or, to the knowledge of Borrower, Default shall have occurred and be continuing under the Credit Agreement as of the First Amendment Effective Date.

 

(d)     No Default or Event of Default shall be caused by, and Borrower will be in compliance on a Pro Forma Basis with the financial covenants set forth in Section 9.15 of the Credit Agreement both before and after giving effect to, (1) the Incremental Revolving Credit Commitment contemplated herein, and (2) the making of any Incremental Revolving Credit Increase pursuant hereto.

 

6.     Consent and Representations of Guarantor. Guarantor represents and warrants to the Lenders and Administrative Agent as follows:

 

(a)     Guarantor, by Guarantor’s execution of this First Amendment, expressly consents to the execution, delivery and performance by Borrower, the Lenders and Administrative Agent of this First Amendment and all agreements, instruments and documents delivered pursuant hereto, and agrees that neither the provisions of this First Amendment nor any action taken or not taken in accordance with the terms of the this First Amendment shall constitute a termination, extinguishment, release, or discharge of any of its obligations under the Amended and Restated Guaranty, dated as of April 28, 2015, executed by Guarantor in favor of the Lenders and Administrative Agent (as the same has been and may hereafter be amended and/or restated from time to time and at any time, the “Guaranty”), guaranteeing to the Lenders and Administrative Agent the payment of the Guaranteed Obligations (as such term is defined in the Guaranty) when due or provide a defense, set off, or counterclaim to it with respect to any Guarantor’s obligations under the Guaranty or any other Loan Documents. Guarantor affirms to the Lenders and Administrative Agent that the Guaranty is in full force and effect, is a valid and binding obligation of Guarantor and continues to secure and support the Guaranteed Obligations.

 

(b)     (i) The execution, delivery and performance of this First Amendment and all agreements and documents delivered pursuant hereto by Guarantor have been duly authorized by all necessary corporate action and do not and will not violate any provision of any law, rule, regulation, order, judgment, injunction, or writ presently in effect applying to Guarantor, or its articles of incorporation or bylaws, as applicable, or result in a breach of or constitute a default under any material agreement, lease or instrument to which Guarantor is a party or by which Guarantor or any of its properties may be bound or affected; (ii) no authorization, consent, approval, license, exemption or filing of a registration with any court or governmental department, agency or instrumentality is or will be necessary to the valid execution, delivery or performance by Guarantor of this First Amendment and all agreements and documents delivered pursuant hereto; and (iii) this First Amendment and all agreements and documents delivered pursuant hereto by Guarantor are the legal, valid and binding obligations of Guarantor, as a signatory thereto, and enforceable against Guarantor in accordance with the terms thereof.

 

(c)     The request for and the grant of the confirmations, consents and waivers given herein shall not establish a course of conduct or dealing among the Lenders, Administrative Agent and Guarantor and shall not impose any obligation on the Lenders or Administrative Agent to consult with, notify or obtain the consent of the Guarantor in the future if the financial accommodations provided to the Borrower should be revised, amended or increased.

 

 

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7.     Conditions.  The obligation of the Lenders and Administrative Agent to execute and to perform this First Amendment shall be subject to full satisfaction of the following conditions precedent on or before the First Amendment Effective Date (in the case of deliveries of executed documents, such condition shall be satisfied by delivery of an electronic copy, with delivery of originals to promptly follow):

 

(a)     There shall exist no Event of Default or, to the knowledge of Borrower, Default.

 

(b)     All liens in favor of the Lenders shall be in full force and effect with the required priority.

 

(c)     This First Amendment shall have been duly executed and delivered by Borrower and Guarantor to the Lenders and Administrative Agent.

 

(d)     The Amended and Restated Revolving Credit Note, dated as of even date herewith, in favor of Wells Fargo in the original principal amount of $61,300,000 shall have been duly executed and delivered by Borrower to Wells Fargo.

 

(e)     The Amended and Restated Revolving Credit Note, dated as of even date herewith, in favor of KeyBank in the original principal amount of $55,800,000 shall have been duly executed and delivered by Borrower to KeyBank.

 

(f)     The Amended and Restated Revolving Credit Note, dated as of even date herewith, in favor of Bank of America in the original principal amount of $50,500,000 shall have been duly executed and delivered by Borrower to Bank of America.

 

(g)     The Amended and Restated Revolving Credit Note, dated as of even date herewith, in favor of Lake City in the original principal amount of $14,000,000 shall have been duly executed and delivered by Borrower to Lake City.

 

(h)     Borrower shall have paid to Wells Fargo Securities, LLC all fees and expenses required to be paid pursuant to the Engagement Letter dated as of July 31, 2015, by Wells Fargo Securities, LLC and agreed to and accepted by Borrower.

 

(i)     Copies of such corporate documents or resolutions of Borrower or Guarantor as Administrative Agent or the Lenders may request evidencing necessary corporate action by Borrower or Guarantor with respect to this First Amendment and all other agreements or documents delivered pursuant hereto as any Lender or Administrative Agent may request.

 

(j)     The applicable waiting period and any extensions of the filings in respect of the Project Splinter Acquisition under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”), shall have expired or been terminated and, if any second request is made by the Federal Trade Commission and the Antitrust Division of the Justice Department, such request is satisfied, dismissed or resolved by September 30, 2015. If the condition set forth in this clause (j) is not satisfied by September 30, 2015, this First Amendment shall have no force or effect.

 

 

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8.     Fees. Borrower shall promptly pay all costs and expenses incurred by the Lenders and Administrative Agent in connection with the negotiation, preparation and closing of this First Amendment and the other documents and agreements delivered pursuant hereto, including the reasonable and documented fees and out-of-pocket expenses of Faegre Baker Daniels LLP, special counsel to Administrative Agent.

 

9.     Waiver of Defenses and Claims. In consideration of the financial accommodations provided to Borrower by the Lenders as contemplated by this First Amendment, Borrower and Guarantor, jointly and severally, hereby waive, release, and forever discharge the Lenders and Administrative Agent from and against any and all rights, claims or causes of actions of Borrower or Guarantor against the Lenders or Administrative Agent arising from any Lender’s or Administrative Agent’s actions or inactions with respect to the Loan Documents or any security interest, lien or collateral in connection therewith as well as any and all rights of set off, defenses, claims, causes of action and any other bar to the enforcement of the Loan Documents which exist as of the First Amendment Effective Date.

 

10.     Binding on Successors and Assigns. All of the terms and provisions of this First Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, assigns and legal representatives.

 

11.     Governing Law/Entire Agreement/Survival/Miscellaneous. This First Amendment is a contract made under, and shall be governed by and construed in accordance with, the laws of the State of Illinois applicable to contracts made and to be performed entirely within such state and without giving effect to the choice or conflicts of laws principles of any other jurisdiction. This First Amendment constitutes and expresses the entire understanding between the parties with respect to the subject matter hereof, and supersedes all prior agreements and understandings, commitments, inducements or conditions, whether expressed or implied, oral or written. All covenants, agreements, undertakings, representations and warranties made in this First Amendment shall survive the execution and delivery of this First Amendment, and shall not be affected by any investigation made by any person. The Credit Agreement, as amended hereby, remains in full force and effect in accordance with its terms and provisions.

 

12.     Amendment of Other Loan Documents. All references to the Credit Agreement in the other Loan Documents shall mean the Credit Agreement, as modified and amended by this First Amendment and as it may be further amended, modified, extended, renewed, supplemented and/or restated from time to time and at any time. The other Loan Documents are hereby modified and amended to the extent necessary to conform them to, or to cause them to accurately reflect, the terms of the Credit Agreement, as modified by this First Amendment. Except as otherwise expressly provided herein, all of the terms and provisions of the Credit Agreement and the other Loan Documents, as modified and amended by this First Amendment, remain in full force and effect, and fully binding on the parties thereto and their respective successors and assigns. 

 

 

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13.     Further Assurances. The parties shall duly execute and deliver, or cause to be executed and delivered, such further instruments and perform or cause to be performed such further acts as may be necessary or proper in the reasonable opinion of any other party to carry out the provisions and purposes of this First Amendment.

 

14.     Counterparts. This First Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one agreement. In the event any party executes and delivers this First Amendment via facsimile or electronic transmission, such party hereby agrees that for the purposes of enforcement and all applicable statutes, laws and rules, including, without limitation, the Uniform Commercial Code, rules of evidence and statutes of fraud: (i) the facsimile or electronic signature of such party shall constitute a binding signature of such party as a symbol and mark executed and adopted by such party with a present intention to authenticate this First Amendment; (ii) the facsimile or electronic transmission of this First Amendment shall constitute a writing signed by such party; and (iii) the facsimile or electronic transmission of this First Amendment shall constitute an original of and best evidence of this First Amendment.

 

[Signatures on following page]

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and delivered by their respective authorized signatories.

 

	
 
	
PATRICK INDUSTRIES, INC., as Borrower
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Andy L. Nemeth
	
 

	
 
	
 
	
Andy L. Nemeth, Executive Vice President-Finance, Chief Financial Officer, Secretary and Treasurer
	
 

 

 

	
 
	
ADORN HOLDINGS, INC., as Guarantor
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Andy L. Nemeth
	
 

	
 
	
 
	
Andy L. Nemeth, Secretary and Treasurer
	
 

 

 

 

Signature Page to First Amendment to Credit Agreement

 

 

 

 

 

	
 
	
WELLS FARGO BANK, NATIONAL ASSOCIATION,
	
 

	 	as Administrative Agent and a Lender	 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ David W. O’Neal
	
 

	
 
	
 
	
David W. O’Neal, Senior Vice President 
	
 

 

  

	
 
	
FIFTH THIRD BANK, as a Lender
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Craig Ellis
	
 

	
 
	
 
	
Craig Ellis, Vice President
	
 

 

 

	
 
	
KEYBANK NATIONAL ASSOCIATION, as a Lender
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Geoffrey R. Henry
	
 

	
 
	
 
	
Geoffrey R. Henry, Vice President
	
 

	
 
	
 
	
 
	
 

 

 

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

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Michael T. Sands
	
 

	
 
	
 
	
Michael T. Sands, Assistant Vice President
	
 

 

 

	
 
	
LAKE CITY BANK, as a Lender
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Michael E. Gavin
	
 

	
 
	
 
	
Michael E. Gavin, Executive Vice President and Chief Credit Officer
	
 

	
 
	
 
	
 
	
 

 

 

 

Signature Page to First Amendment to Credit Agreement

 

 

 

 

 

Exhibit A

 

Schedule 1.1(a) Commitments/Loans

 

	
Lender
	
Revolving Credit Commitment
	
Revolving Credit Commitment Percentage
	
Term Loans Outstanding
	
Term Loan Percentage
	
Total Credit Exposure

	
Wells Fargo Bank, National Association
	
$61,300,000
	
27.24%
	
$17,935,714.34
	
24.80%
	
$79,235,714.34

	
KeyBank National Association
	
$55,800,000
	
24.80%
	
$17,935,714.34
	
24.80%
	
$73,735,714.34

	
Bank of America, N.A.
	
$50,500,000
	
22.44%
	
$14,464,285.76
	
20.00%
	
$64,964,285.76

	
Fifth Third Bank
	
$43,400,000
	
19.29%
	
$17,935,714.34
	
24.80%
	
$61,335,714.34

	
Lake City Bank
	
$14,000,000
	
6.22%
	
$4,050,000.02
	
5.60%
	
$18,050,000.02

	
Total
	
$225,000,000
	
100%
	
$72,321,428.80
	
100%
	
$297,321,428.80

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