Document:

Exhibit 10.1

 

EXECUTION VERSION

 

FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

This FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT  (this “Amendment”) is made as of May 4, 2012, by and among ANTERO RESOURCES CORPORATION, a Delaware corporation (“Antero”), ANTERO RESOURCES PICEANCE CORPORATION, a Delaware corporation (“Antero Piceance”), ANTERO RESOURCES PIPELINE CORPORATION, a Delaware corporation (“Antero Pipeline”), and ANTERO RESOURCES APPALACHIAN CORPORATION, a Delaware corporation (“Antero Appalachian” and, together with Antero, Antero Piceance and Antero Pipeline, each, a “Borrower” and collectively, the “Borrowers”), CERTAIN SUBSIDIARIES OF BORROWERS, as Guarantors, the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).  Unless otherwise expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in the Credit Agreement (as defined below).

 

WITNESSETH:

 

WHEREAS, the Borrowers, the Guarantors, the Administrative Agent and the Lenders have entered into that certain Fourth Amended and Restated Credit Agreement, dated as of November 4, 2010 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the Administrative Agent, the Lenders, the Borrowers and the Guarantors have agreed to amend the Credit Agreement as provided herein subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, the Borrowers, the Guarantors, the Administrative Agent and the Lenders hereby agree as follows:

 

SECTION 1.                         Amendments to Credit Agreement.  Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 4 of this Amendment, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement shall be amended in the manner provided in this Section 1.

 

1.1               Cover Page.  The cover page to the Credit Agreement shall be and it hereby is amended and restated in its entirety and replaced with Annex A attached hereto.

 

1.2               Preamble.  The preamble to the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

 

THIS FOURTH AMENDED AND RESTATED CREDIT AGREEMENT dated as of November 4, 2010, among ANTERO RESOURCES CORPORATION, a Delaware corporation (“Antero”), ANTERO RESOURCES PICEANCE CORPORATION, a Delaware corporation (“Antero Piceance”),

 

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ANTERO RESOURCES PIPELINE CORPORATION, a Delaware corporation (“Antero Pipeline”), and ANTERO RESOURCES APPALACHIAN CORPORATION, a Delaware corporation (“Antero Appalachian” and, together with Antero, Antero Piceance and Antero Pipeline, each a “Borrower” and collectively, the “Borrowers”), CERTAIN SUBSIDIARIES OF BORROWERS, as Guarantors, the LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, WELLS FARGO BANK, N.A., as Syndication Agent, and BANK OF SCOTLAND plc, UNION BANK, N.A., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Co-Documentation Agents.

 

1.3               Amended Definitions.  The following definitions in Section 1.01 of the Credit Agreement shall be and they hereby are amended and restated in their respective entireties to read as follows:

 

“Aggregate Commitment” means, at any time, the sum of the Commitments of all the Lenders at such time, as such amount may be reduced or increased from time to time pursuant to Section 2.02 and Section 2.03; provided that such amount shall not at any time exceed the lesser of (a) the Borrowing Base then in effect and (b) the Maximum Facility Amount.  As of the Fourth Amendment Effective Date, the Aggregate Commitment is $950,000,000.

 

“Co-Documentation Agent” means, so long as it is a Lender, each of Bank of Scotland plc, Union Bank, N.A., Credit Agricole Corporate and Investment Bank and Deutsche Bank Trust Company Americas, each in its capacity as a Co-Documentation Agent.

 

“Fee Letters” means (a) that certain fee letter, dated October 7, 2010, among the Borrowers, the Administrative Agent and J.P. Morgan Securities LLC, (b) that certain fee letter, dated October 7, 2010, among the Borrowers, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC, (c) that certain fee letter, dated May 3, 2011, among the Borrowers, the Administrative Agent and J.P. Morgan Securities LLC, (d) that certain fee letter, dated May 3, 2011, among the Borrowers, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC, (e) that certain fee letter, dated October 26, 2011, among the Borrowers, the Administrative Agent and J.P. Morgan Securities LLC and (f) that certain fee letter, dated May 4, 2012, among the Borrowers, the Administrative Agent and J.P. Morgan Securities LLC.

 

“Maximum Facility Amount” means $2,500,000,000.

 

1.4               Additional Definition.  The following definition shall be and it hereby is added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

 

“Fourth Amendment Effective Date” means May 4, 2012.

 

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1.5                               Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  Section 2.06(b) of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

 

(b)                                 Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower Representative shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If requested by the Issuing Bank, the Borrower Representative also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $75,000,000 and (ii) the Aggregate Credit Exposure shall not exceed the Aggregate Commitment.

 

1.6                               Limitations on Indebtedness.  Section 7.01(d) of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

 

(d)                                 Cash Management Obligations; provided that (i) the aggregate outstanding amount of all Cash Management Obligations does not exceed at any time the lesser of (x) $25,000,000 and (y) the amount of Cash Management Obligations permitted under the Indenture, and (ii) any and all documents, agreements and instruments rendering any Cash Management Obligations shall be in form and substance satisfactory to the Administrative Agent;

 

1.7                               Successors and Assigns.  Section 11.04(b)(i) of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

 

(b)                                 (i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

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(A)                                the Borrowers; provided that no consent of the Borrowers shall be required for an assignment to a Lender, an Affiliate of a Lender, a Federal Reserve Bank, an Approved Fund or, if any Event of Default has occurred and is continuing, any other assignee;

 

(B)                                the Administrative Agent; and

 

(C)                               the Issuing Bank.

 

1.8                               Schedules.  Schedule 1.01 to the Credit Agreement shall be and it hereby is amended in its entirety and replaced with Schedule 1.01 attached hereto.

 

SECTION 2.                         Redetermined Borrowing Base.  This Amendment shall constitute notice of the Redetermination of the Borrowing Base pursuant to Section 3.05 of the Credit Agreement, and the Administrative Agent, the Lenders, the Borrowers and the Guarantors hereby acknowledge that effective as of the Fourth Amendment Effective Date, the Borrowing Base is $1,550,000,000, and such redetermined Borrowing Base shall remain in effect until the earlier of (i) the next Redetermination of the Borrowing Base and (ii) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.

 

SECTION 3.                         New Lenders and Reallocation and Increase of Commitments.  The Lenders have agreed among themselves to reallocate their respective Commitments, and to, among other things, (a) permit one or more of the Lenders to increase their respective Commitments under the Credit Agreement (each, an “Increasing Lender”) and (b) allow certain financial institutions identified by J.P. Morgan Securities LLC (“J.P. Morgan”), in its capacity as an Arranger, in consultation with the Borrowers, to become a party to the Credit Agreement as a Lender (each, a “New Lender”) by acquiring an interest in the Aggregate Commitment.  Each of the Administrative Agent and the Borrowers hereby consent to (i) the reallocation of the Commitments, (ii) each New Lender’s acquisition of an interest in the Aggregate Commitment, and (iii) the increase in each Increasing Lender’s Commitment.  On the date this Amendment becomes effective and after giving effect to such reallocation and increase of the Aggregate Commitment, the Commitment of each Lender shall be as set forth on Schedule 1.01 of this Amendment.  Each Lender hereby consents to the Commitments set forth on Schedule 1.01 of this Amendment.  The reallocation of the Aggregate Commitment among the Lenders shall be deemed to have been consummated pursuant to the terms of the Assignment and Assumption attached as Exhibit A to the Credit Agreement as if the Lenders had executed an Assignment and Assumption with respect to such reallocation.  The Administrative Agent hereby waives the $3,500 processing and recordation fee set forth in Section 11.04(b)(ii)(C) of the Credit Agreement with respect to the assignments and reallocations contemplated by this Section 3.  The increase in each Increasing Lender’s Commitment and the acquisition by each New Lender of an interest in the Aggregate Commitment shall be deemed to have been consummated pursuant to the terms of the Lender Certificate attached as Exhibit E to the Credit Agreement as if such Increasing Lender or New Lender, as the case may be, had executed a Lender Certificate with respect to such increase or acquisition.  To the extent requested by any Lender and in accordance with Section 2.16 of the Credit Agreement, the Borrowers shall pay to such Lender, within the time period prescribed by Section 2.16 of the Credit Agreement, any amounts required

 

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to be paid by the Borrowers under Section 2.16 of the Credit Agreement in the event the payment of any principal of any Eurodollar Loan or the conversion of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto is required in connection with the reallocation contemplated by this Section 3.

 

SECTION 4.                         Conditions.  The amendments to the Credit Agreement contained in Section 1 of this Amendment, the redetermination of the Borrowing Base contained in Section 2 of this Amendment, and the increase and reallocation of the Commitments contained in Section 3 of this Amendment shall be effective upon the satisfaction of each of the conditions set forth in this Section 4.

 

4.1               Execution and Delivery.  Each Credit Party, the Lenders, and the Administrative Agent shall have executed and delivered this Amendment.

 

4.2               No Default.  No Default shall have occurred and be continuing or shall result from the effectiveness of this Amendment.

 

4.3               Fees.  The Borrowers, the Administrative Agent and J.P. Morgan shall have executed and delivered a fee letter in connection with this Amendment, and the Administrative Agent and J.P. Morgan shall have received the fees separately agreed upon in such fee letter.

 

4.4               Certificates.  The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Credit Party, the authorization of this Amendment and the transactions contemplated hereby and any other legal matters relating to the Credit Parties, this Amendment or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

4.5               Legal Opinion.  The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated as of the effective date of this Amendment) of Vinson & Elkins LLP, counsel for the Credit Parties, and covering such matters relating to the Credit Parties and this Amendment as the Administrative Agent shall reasonably request.

 

4.6               Other Documents.  The Administrative Agent shall have received such other instruments and documents incidental and appropriate to the transactions provided for herein as the Administrative Agent or its special counsel may reasonably request, and all such documents shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

SECTION 5.                         Post-Closing Covenant.  Within thirty (30) days following the Fourth Amendment Effective Date (or such longer period as permitted by the Administrative Agent in its sole discretion), the Borrowers shall deliver to the Administrative Agent (a) Mortgages and title information, in each case, reasonably satisfactory to the Administrative Agent with respect to the Borrowing Base Properties, or the portion thereof, as required by Sections 6.09 and 6.10 of the Credit Agreement and (b) amendments to the existing Mortgages, as requested by

 

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Administrative Agent to give effect to the amendments contained herein and otherwise in form and substance satisfactory to Administrative Agent.

 

SECTION 6.                         Representations and Warranties of Credit Parties.  To induce the Lenders to enter into this Amendment, each Credit Party hereby represents and warrants to the Lenders as follows:

 

6.1               Reaffirmation of Representations and Warranties/Further Assurances.  After giving effect to the amendments herein, each representation and warranty of such Credit Party contained in the Credit Agreement and in each of the other Loan Documents is true and correct in all material respects as of the date hereof (except to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date).

 

6.2               Corporate Authority; No Conflicts.  The execution, delivery and performance by each Credit Party of this Amendment are within such Credit Party’s corporate or other organizational powers, have been duly authorized by necessary action, require no action by or in respect of, or filing with, any court or agency of government and do not violate or constitute a default under any provision of any applicable law or other agreements binding upon any Credit Party or result in the creation or imposition of any Lien upon any of the assets of any Credit Party except for Permitted Liens and otherwise as permitted in the Credit Agreement.

 

6.3               Enforceability.  This Amendment constitutes the valid and binding obligation of the Borrowers and each other Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application.

 

6.4               No Default.  As of the date hereof, both before and immediately after giving effect to this Amendment, no Default has occurred and is continuing.

 

SECTION 7.                         Miscellaneous.

 

7.1               Reaffirmation of Loan Documents and Liens.  Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except as amended and modified hereby, remain in full force and effect and are hereby in all respects ratified and confirmed by each Credit Party.  Each Borrower and each Guarantor hereby agree that the amendments and modifications herein contained shall in no manner affect or impair the liabilities, duties and obligations of any Credit Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof.

 

7.2               Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 

7.3               Legal Expenses.  Each Credit Party hereby agrees to pay all reasonable fees and expenses of special counsel to the Administrative Agent incurred by the Administrative Agent in

 

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connection with the preparation, negotiation and execution of this Amendment and all related documents.

 

7.4               Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail shall be effective as delivery of manually executed counterparts of this Amendment.

 

7.5               Complete Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

7.6               Headings.  The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

 

7.7               Governing Law.  This Amendment shall be construed in accordance with and governed by the laws of the State of New York.

 

7.8               Loan Document.  This Amendment shall constitute a Loan Document for all purposes and in all respects.

 

[Remainder of page intentionally blank.

Signature pages follow.]

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by their respective authorized officers to be effective as of the date first above written.

 

	
 
    	
BORROWERS:
    
	
 
    	
 
    	
 
    
	
 
    	
ANTERO   RESOURCES CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
ANTERO   RESOURCES PICEANCE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
ANTERO   RESOURCES PIPELINE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
ANTERO   RESOURCES APPALACHIAN CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Alvyn A. Schopp
    
	
 
    	
 
    	
Name:
    	
Alvyn   A. Schopp
    
	
 
    	
 
    	
Title:
    	
Treasurer   and Vice President,
    
	
 
    	
 
    	
 
    	
Administration   and Accounting
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
RESTRICTED   SUBSIDIARIES:
    
	
 
    	
 
    	
 
    
	
 
    	
ANTERO   RESOURCES FINANCE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Alvyn A. Schopp
    
	
 
    	
 
    	
Name:
    	
Alvyn   A. Schopp
    
	
 
    	
 
    	
Title:
    	
Treasurer   and Vice President,
    
	
 
    	
 
    	
 
    	
Administration   and Accounting
    
	
 
    	
 
    	
 
    
	
 
    	
ANTERO   RESOURCES BLUESTONE LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Alvyn A. Schopp
    
	
 
    	
 
    	
Name:   
    	
Alvyn   A. Schopp
    
	
 
    	
 
    	
Title:
    	
Vice   President – Accounting &
    
	
 
    	
 
    	
 
    	
Administration/Treasurer
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as   Administrative Agent, Issuing Bank and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ryan Fuessel
    
	
 
    	
 
    	
Name:
    	
Ryan   Fuessel
    
	
 
    	
 
    	
Title:
    	
Authorized   Officer
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
WELLS   FARGO BANK, N.A.,
    
	
 
    	
as   Syndication Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Suzanne Ridenhour
    
	
 
    	
 
    	
Name:   
    	
Suzanne   Ridenhour
    
	
 
    	
 
    	
Title:   
    	
Vice   President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

 

	
 
    	
BANK   OF SCOTLAND PLC,
    
	
 
    	
as   Co-Documentation Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Julia R Franklin
    
	
 
    	
 
    	
Name:
    	
Julia   R Franklin
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
CREDIT   AGRICOLE CORPORATE AND INVESTMENT BANK,
    
	
 
    	
as   Co-Documentation Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Roche
    
	
 
    	
 
    	
Name:
    	
Mark   Roche
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sharada Manne
    
	
 
    	
 
    	
Name:
    	
Sharada   Manne
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS,
    
	
 
    	
as   Co-Documentation Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Getz
    
	
 
    	
 
    	
Name:
    	
Michael   Getz
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dusan Lazarov
    
	
 
    	
 
    	
Name:
    	
Dusan   Lazarov
    
	
 
    	
 
    	
Title:
    	
Director
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
UNION   BANK, N.A.,
    
	
 
    	
as   Co-Documentation Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lara Sorokolit
    
	
 
    	
 
    	
Name:
    	
Lara   Sorokolit
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
BARCLAYS   BANK PLC,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Vanessa A. Kurbatskiy
    
	
 
    	
 
    	
Name:
    	
Vanessa   A. Kurbatskiy
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
COMERICA   BANK,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Caroline M. McClurg
    
	
 
    	
 
    	
Name:
    	
Caroline   M. McClurg
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
CREDIT   SUISSE AG, CAYMAN ISLANDS BRANCH,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shaheen Malik
    
	
 
    	
 
    	
Name:
    	
Shaheen   Malik
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Spaight
    
	
 
    	
 
    	
Name:
    	
Michael   Spaight
    
	
 
    	
 
    	
Title:
    	
Associate
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
KEY   BANK NATIONAL ASSOCIATION,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Hanselman
    
	
 
    	
 
    	
Name:
    	
Craig   Hanselman
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
U.S.   BANK NATIONAL ASSOCIATION,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John C. Lozano
    
	
 
    	
 
    	
Name:
    	
John   C. Lozano
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
GUARANTY   BANK AND TRUST COMPANY,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles S. Searle
    
	
 
    	
 
    	
Name:   
    	
Charles   S. Searle
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
CITIBANK,   N.A.,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John F. Miller
    
	
 
    	
 
    	
Name:
    	
JOHN   F. MILLER
    
	
 
    	
 
    	
Title:   
    	
ATTORNEY-IN-FACT
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
CAPITAL   ONE, NATIONAL ASSOCIATION,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Wesley Fontana
    
	
 
    	
 
    	
Name:
    	
Wesley   Fontana
    
	
 
    	
 
    	
Title:   
    	
Vice   President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
TORONTO   DOMINION (NEW YORK) LLC,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Debbi L. Brito
    
	
 
    	
 
    	
Name:
    	
DEBBI   L. BRITO
    
	
 
    	
 
    	
Title:
    	
AUTHORIZED   SIGNATORY
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeff Forbis
    
	
 
    	
 
    	
Name:
    	
Jeff   Forbis
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

	
ANTERO   RESOURCES
    	
 
    	
 
    
	
FOURTH   AMENDMENT
    	
SIGNATURE PAGE
    	
 
    

 

 

SCHEDULE 1.01

 

Applicable Percentages and Commitments

 

	
Lender
    	
 
    	
Applicable
   Percentage
    	
 
    	
Commitment
    	
 
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
11.052631579
    	
%
    	
$
    	
105,000,000
    	
 
    
	
Wells Fargo Bank, N.A.
    	
 
    	
11.052631579
    	
%
    	
$
    	
105,000,000
    	
 
    
	
Credit Agricole Corporate and Investment Bank
    	
 
    	
8.684210526
    	
%
    	
$
    	
82,500,000
    	
 
    
	
Deutsche Bank Trust Company Americas
    	
 
    	
8.684210526
    	
%
    	
$
    	
82,500,000
    	
 
    
	
Union Bank, N.A.
    	
 
    	
8.684210526
    	
%
    	
$
    	
82,500,000
    	
 
    
	
Bank of Scotland, plc
    	
 
    	
7.684210526
    	
%
    	
$
    	
73,000,000
    	
 
    
	
Barclays Bank PLC
    	
 
    	
5.789473684
    	
%
    	
$
    	
55,000,000
    	
 
    
	
Comerica Bank
    	
 
    	
5.789473684
    	
%
    	
$
    	
55,000,000
    	
 
    
	
Citibank, N.A.
    	
 
    	
5.789473684
    	
%
    	
$
    	
55,000,000
    	
 
    
	
Capital One, National Association
    	
 
    	
5.263157895
    	
%
    	
$
    	
50,000,000
    	
 
    
	
Toronto Dominion (New York) LLC
    	
 
    	
5.263157895
    	
%
    	
$
    	
50,000,000
    	
 
    
	
Branch Banking and Trust Company
    	
 
    	
4.210526317
    	
%
    	
$
    	
40,000,000
    	
 
    
	
KeyBank National Association
    	
 
    	
4.105263158
    	
%
    	
$
    	
39,000,000
    	
 
    
	
U.S. Bank National Association
    	
 
    	
4.105263158
    	
%
    	
$
    	
39,000,000
    	
 
    
	
Credit Suisse AG, Cayman Islands Branch
    	
 
    	
2.894736842
    	
%
    	
$
    	
27,500,000
    	
 
    
	
Guaranty Bank and Trust Company
    	
 
    	
0.947368421
    	
%
    	
$
    	
9,000,000
    	
 
    
	
TOTAL
    	
 
    	
100.0000000
    	
%
    	
$
    	
950,000,000
    	
 
    

 

	
 
    	
SCHEDULE 1.01
    	
 
    

 

 

Annex A

 

 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

November 4, 2010

 

among

 

ANTERO RESOURCES CORPORATION,
 ANTERO RESOURCES PICEANCE CORPORATION,
 ANTERO RESOURCES PIPELINE CORPORATION and
 ANTERO RESOURCES APPALACHIAN CORPORATION,
 as Borrowers,

 

CERTAIN SUBSIDIARIES OF BORROWERS,
 as Guarantors,

 

THE LENDERS PARTY HERETO,

 

JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent,

 

WELLS FARGO BANK, N.A.,
 as Syndication Agent,

 

and

 

BANK OF SCOTLAND plc, UNION BANK, N.A., CREDIT AGRICOLE CORPORATE AND 
 INVESTMENT BANK AND

DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Co-Documentation Agents

 

Senior Secured Credit Facility

 

 

J.P. MORGAN SECURITIES LLC and WELLS FARGO SECURITIES, LLC,
 as Joint Lead Arrangers and Joint Bookrunners

 

	
 
    	
ANNEX AEXHIBIT 10.2

 

Loan Number:    1006379

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT is dated as of April 5, 2012 (this “Amendment”) by and among CUBESMART, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), CUBESMART, a real estate investment trust formed under the laws of the State of Maryland (the “Parent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), and each of the Lenders party to the Credit Agreement defined below (the “Lenders”).

 

WHEREAS, the Borrower, the Parent, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of December 9, 2011 (the “Credit Agreement”); and

 

WHEREAS, the Borrower, the Parent, the Lenders and the Administrative Agent desire to amend the definition of “Tranche B Term Loan Availability Termination Date” on the terms and conditions contained herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

 

Section 1.       Specific Amendments.  Section 1.1 of the Credit Agreement is hereby amended by deleting the defined term “Tranche B Term Loan Availability Termination Date” in its entirety and substituting in lieu thereof the following:

 

“Tranche B Term Loan  Availability Termination Date” means May 22, 2012.

 

Section 2.       Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

 

(a)           The Administrative Agent shall have received a counterpart of this Amendment duly executed by the Borrower, the Parent, each of the Lenders and the Administrative Agent;

 

(b)           A Guarantor Acknowledgment (the “Acknowledgment”) duly executed by the Guarantor in the form of Exhibit A attached hereto;

 

(c)           No Default or Event of Default shall exist;

 

(d)           Such other documents, instruments, agreements, certifications and opinions as the Administrative Agent, on behalf of the Lenders, may reasonably request.

 

 

Section 3.       Representations.  The Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

(a)           Authorization.  Each of the Parent and the Borrower, as applicable, has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms.  This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and the Parent, as applicable, and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower and the Parent, as applicable, enforceable against such Person in accordance with its respective terms.

 

(b)           Compliance with Laws.  The execution and delivery by the Borrower and the Parent, as applicable, of this Amendment and the performance by the Borrower and the Parent, as applicable, of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:  (i) require any Government Approvals or violate any Applicable Laws (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Parent, the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Parent, the Borrower or any other Loan Party.

 

(c)           Reaffirmation.  As of the date of this Amendment and immediately after giving effect to this Amendment, all representations and warranties of each Loan Party set forth in the Loan Documents is true and correct in all material respects (except to the extent that any such representation or warranty expressly relates to a specified earlier date, in which case such representation or warranty shall be true and correct as of such earlier date).

 

(d)           No Default.  As of the date hereof and immediately after giving effect to this Amendment no Default or Event of Default shall exist.

 

Section 4.       Payment of Fees and Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for its reasonable and documented out-of-pocket fees, costs and expenses incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and the other documents and agreements executed and delivered in connection herewith.

 

Section 5.       Effect; Ratification.

 

(a)           Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged and continue to be in full force and effect.  The amendments contained herein shall be deemed to have prospective application only,

 

2

 

unless otherwise specifically stated herein.  The Credit Agreement is hereby ratified and confirmed in all respects.  Each reference to the Credit Agreement in any of the Loan Documents (including the Credit Agreement) shall be deemed to be a reference to the Credit Agreement, as amended by this Amendment.

 

(b)           Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Loan Documents, or constitute a course of conduct or dealing among the parties.  The Administrative Agent and the Lenders reserve all rights, privileges and remedies under the Loan Documents.

 

(c)           Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations.

 

(d)           This Amendment constitutes the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

(e)           This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or by email in Adobe “.pdf” format shall be effective as delivery of a manually executed counterpart hereof.

 

Section 6.       Further Assurances.  The Parent and the Borrower agree to, and to cause any other Loan Party to, take all further actions and execute such other documents and instruments as the Administrative Agent may from time to time reasonably request to carry out the transactions contemplated by this Amendment, the Loan Documents and all other agreements executed and delivered in connection herewith.

 

Section 7.       GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 8.       Benefits.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns.

 

Section 9.       Severability.  In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

Section 10.     Definitions.  All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

 

3

 

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

 

	
 
    	
CUBESMART,   L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
CubeSmart,   its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Chris Marr
    
	
 
    	
 
    	
Name:
    	
Chris   Marr
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CUBESMART
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Chris Marr
    
	
 
    	
 
    	
Name:
    	
Chris   Marr
    
	
 
    	
 
    	
Title:
    	
President
    

 

[Signatures Continued on Next Page]

 

 

[Signature Page to First Amendment to Credit Agreement with CubeSmart, L.P.]

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION, as Administrative Agent and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   D. Bryan Gregory
    
	
 
    	
 
    	
Name:
    	
D.   Bryan Gregory
    
	
 
    	
 
    	
Title:
    	
Director
    

 

[Signatures Continued on Next Page]

 

 

[Signature Page to First Amendment to Credit Agreement with CubeSmart, L.P.]

 

 

	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael W. Edwards
    
	
 
    	
 
    	
Name:
    	
Michael   W. Edwards
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
PNC   BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shari L. Reams-Henofer
    
	
 
    	
 
    	
Name:
    	
Shari   L. Reams-Henofer
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
REGIONS   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul E. Burgan
    
	
 
    	
 
    	
Name:
    	
Paul   E. Burgan
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SUNTRUST   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Nancy B. Richards
    
	
 
    	
 
    	
Name:
    	
Nancy   B. Richards
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
RBS   CITIZENS, N.A. D/B/A CHARTER ONE
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles J. Cooke Jr.
    
	
 
    	
 
    	
Name:
    	
Charles   J. Cooke Jr.
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
U.S.   BANK NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Renee Lewis
    
	
 
    	
 
    	
Name:
    	
Renee   Lewis
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

 

	
 
    	
BMO   HARRIS FINANCING, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Aaron Lanski
    
	
 
    	
 
    	
Name:
    	
Aaron   Lanski
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
BRANCH   BANKING AND TRUST COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Steve W. Whitcomb
    
	
 
    	
 
    	
Name:
    	
Steve   W. Whitcomb
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
ROYAL   BANK OF CANADA
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   G. David Cole
    
	
 
    	
 
    	
Name:
    	
G.   David Cole
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
COMPASS BANK, AN ALABAMA   BANKING CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   S. Kent Gorman
    
	
 
    	
 
    	
Name:
    	
S.   Kent Gorman
    
	
 
    	
 
    	
Title:
    	
Sr.   Vice President
    

 

 

EXHIBIT A

 

FORM OF GUARANTOR ACKNOWLEDGMENT

 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of April 5, 2012 (this “Acknowledgement”) executed by CubeSmart in favor of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), for the Lenders under the Credit Agreement referred to below (the “Lenders”).

 

WHEREAS, CubeSmart, L.P., the Guarantor, as Parent, the Lenders, the Administrative Agent and the other parties thereto have entered into that certain Credit Agreement dated as of December 9, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Guarantor is a party to that certain Guaranty dated as of December 9, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which it guarantied, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;

 

WHEREAS, the Parent, the Borrower, the Administrative Agent and the Lenders are to enter into that certain First Amendment to Credit Agreement, dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and

 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantor execute and deliver this Acknowledgement.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

 

Section 1.   Reaffirmation.  The Guarantor hereby reaffirms its continuing obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

 

Section 2.   Governing Law.  THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

 

IN WITNESS WHEREOF, the Guarantor has duly executed and delivered this Guarantor Acknowledgement as of the date and year first written above.

 

	
 
    	
CUBESMART
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:

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