Document:

AVID-06.30.2015-Ex 10.4

EXHIBIT 10.4

[EXECUTION]
AMENDMENT NO. 14 TO CREDIT AGREEMENT

AMENDMENT NO. 14 TO CREDIT AGREEMENT (this “Amendment”), dated as of June 8, 2015, by and among AVID TECHNOLOGY, INC., a Delaware corporation (“Avid”), AVID TECHNOLOGY INTERNATIONAL B.V., a Netherlands private limited liability company, acting through its duly established Irish branch (“Avid Ireland” and together with Avid, each individually a “Borrower” and collectively, “Borrowers”), AVID SYSTEMS, INC., a California corporation formerly known as Pinnacle Systems, Inc. (“Pinnacle”), AVID GENERAL PARTNER B.V., a Netherlands private limited liability company (besloten vennootschap) acting for itself and in its capacity as general partner (beherend vennoot) of Avid Technology C.V. (“Avid GP” and together with Pinnacle, each individually a “Guarantor” and collectively, “Guarantors”), the lenders identified on the signature pages hereto (together with their respective successors and assigns, each a “Lender” and collectively, the “Lenders”), and WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”).

W I T N E S S E T H:

WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and provided and may hereafter make and provide loans, advances and other financial accommodations to Borrowers as set forth in the Credit Agreement, dated October 1, 2010, as amended by Amendment No. 1 to Credit Agreement, dated as of August 16, 2011, by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 2 to Credit Agreement, dated as of March 16, 2012, by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 3 to Credit Agreement, dated as of November 20, 2012, by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 4 to Credit Agreement, dated as of March 28, 2013 by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 5 to Credit Agreement, dated as of May 14, 2013, Amendment No. 6 to Credit Agreement, dated as of July 15, 2013, and Amendment No. 7 to Credit Agreement, dated as of September 16, 2013, Amendment No. 8 to Credit Agreement, dated as of November 12, 2013, Amendment No. 9 to Credit Agreement, dated as of January 15, 2014, Amendment No. 10 to Credit Agreement, dated as of March 13, 2014, Amendment No. 11 to Credit Agreement, dated as of May 15, 2014, Amendment No. 12 to Credit Agreement, dated as of July 15, 2014, by and among Agent, Lenders, Borrowers and Guarantors, and Amendment No. 13 to Credit Agreement and Waiver, dated as of August 29, 2014, by and among Agent, Lenders, Borrowers and Guarantors (as the same may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the “Credit Agreement”), and the Waiver of Certain Events of Default by the Lenders dated as of April 4, 2014 and the other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith or related thereto (all of the foregoing, together with the Credit Agreement and this Amendment, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Loan Documents”); 

WHEREAS, Borrowers have requested that Agent and Lenders amend certain provisions of the Credit Agreement, and Agent and Lenders are willing to make such amendments, subject to terms and conditions set forth herein; and 

WHEREAS, by this Amendment, Borrowers, Guarantors, Agent and Lenders desire and intend to evidence such amendments;

NOW, THEREFORE, in consideration of the foregoing, and the respective agreements and covenants contained herein, the parties hereto agree as follows:

1.Definitions.  

(a)Amendments to Definitions.

(i)The definition of “Change of Control” set forth in Schedule 1.1 to the Credit Agreement is hereby amended by (A) deleting the word “or” at the end of clause (c) thereof, (B) deleting the period at the end of clause (d) thereof and substituting “, or” therefor, and (C) inserting the following clause (e) at the end thereof: 

“(e)  “the occurrence of a “change of control” or “fundamental change” (or any other similar provision) under the Convertible Note Indenture.”
(ii)The definition of “Permitted Indebtedness” set forth in Schedule 1.1 to the Credit Agreement is hereby amended by (A) deleting the word “and” at the end of clause (o) thereof, (B) deleting the period at the end of clause (p) thereof and substituting “, and” therefor, and (C) inserting the following clause (q) at the end thereof:

“(q)    Unsecured Indebtedness of Avid arising under (1) the Convertible Note Indenture and the Convertible Notes, provided, that, (i) the aggregate outstanding principal amount of such Indebtedness does not to exceed $150,000,000 at any time, (ii) the stated maturity date for such Indebtedness shall be no earlier than June 15, 2020, (iii) the principal amount of such Indebtedness shall not be subject to any regularly scheduled amortization payments prior to the maturity date described in clause (ii) above, (iv) such Indebtedness shall otherwise be on terms substantially similar to those set forth in the Preliminary Offering Memorandum and (v) such Indebtedness shall not be incurred after July 15, 2015, and (2) Capped Call Hedge Agreements.”
(iii)The definition of “Permitted Investments” set forth in Schedule 1.1 to the Credit Agreement is hereby amended by (A) deleting the word “and” at the end of clause (o) thereof, (B) deleting the period at the end of clause (p) thereof and substituting a comma  therefor, and (C) inserting the following clauses (q) and (r) at the end thereof:

“(q)    Capped Call Hedge Agreements entered into in connection with the Convertible Note Transactions, and
(r)    purchases of the common stock of Avid pursuant to the Stock Repurchase Program, provided, that, (i) as of the date of any such purchase and after giving effect thereto, no Default or Event of Default has occurred and is continuing, (ii) Agent shall have received five (5) Business Days prior written notice of any such purchase, and (iii) any such purchase shall have occurred before June 30, 2015.”

(b)Additional Definitions.  As used herein, the following terms shall have the following meanings, and the Loan Agreement is hereby amended to include, in addition and not in limitation, the following:

(i)“Capped Call Counterparty” means Jefferies International Limited (or an affiliate thereof) and its successors and assigns, or another Person reasonably acceptable to Agent.

(ii)“Capped Call Hedge Agreements” means the call option(s) entered into in connection with the issuance of Convertible Notes with the Capped Call Counterparty which are intended to reduce the potential dilution to the common stock of Avid and/or offset any cash payments that Avid would otherwise be required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes.

(iii) “Convertible Note Common Stock” means the common stock of Avid issued in connection with the conversion of the Convertible Notes into Equity Interests of Avid.

(iv)“Convertible Note Indenture” means the Indenture by and between Avid and the trustee party thereto with respect to the Convertible Notes.

(v)“Convertible Note Transactions” means the transactions entered into in connection with the issuance of the Convertible Notes, including without limitation the transactions contemplated by Convertible Note Indenture and the Capped Call Hedge Agreements.

(vi)“Convertible Notes” means the Convertible Senior Notes due June 15, 2020 issued by Avid pursuant to the Convertible Note Indenture.

(vii)“Preliminary Offering Memorandum” means the Preliminary Offering Memorandum, dated June 8, 2015, with respect to the offer and sale of the Convertible Notes.

(viii)“Stock Repurchase Program” means the program authorized by the Board of Directors of Avid to repurchase common stock of Avid, from time to time, on the open market or otherwise; provided, that, the sum of (i) the aggregate purchase value of shares of common stock repurchased, and (ii) the aggregate amount paid by Avid to the Capped Call Counterparties under all Capped Call Hedge Agreements as the purchase price of such Capped Call Hedge Agreement, shall not exceed $20.0 million.

(c)Interpretation.  Capitalized terms used herein which are not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.

2.Section 2.3(e)(v) (Equity).  Section 2.3(e)(v) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(v)    Equity.  Within one (1) Business Day of the date of the issuance by any Loan Party (other than Avid) of any shares of its or their Equity Interests (other than (A) in the event that any Loan Party forms any Subsidiary in accordance with the terms hereof, the issuance by such Subsidiary of Equity Interests to such Loan Party, (B) the issuance of Equity Interests of any Borrower to directors, officers and employees of a Borrower and its Subsidiaries pursuant to employee stock option plans (or other employee incentive plans or other compensation arrangements) approved by the Board of Directors, (C) the issuance of 

Equity Interests of Avid to the extent such Equity Interests or the proceeds thereof are applied substantially contemporaneously to pay the purchase consideration (or a portion thereof) in connection with a Permitted Acquisition and (D) in connection with the conversion of the Convertible Notes into Convertible Note Common Stock), Borrowers shall prepay, or shall cause to be prepaid, the outstanding principal amount of the Obligations in accordance with Section 2.3(e)(ii) in an amount equal to one hundred (100%) percent of the Net Cash Proceeds received by such Person in connection with such issuance.  The provisions of this Section 2.3(e)(v) shall not be deemed to be implied consent to any such issuance otherwise prohibited by the terms and conditions of this Agreement.”
3.Section 3.5 (Early Termination by Borrowers).  Section 3.5 of the Credit Agreement is hereby amended by (A) deleting the phrase “ten (10) Business Days” and replacing it with “five (5) Business Days”. 

4.Section 6.4 (Disposal of Assets).  Section 6.4 of the Credit Agreement is hereby amended by adding the following sentence at the end of such section:
“For the avoidance of doubt, the use or transfer of money to purchase the Capped Call Hedge Agreements shall not be prohibited by this Section 6.4.”
5.Section 6.7 (Prepayment and Amendments).  Section 6.7(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(i)  optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of any Loan Party, other than (1) the Obligations in accordance with this Agreement, (2) Permitted Intercompany Advances and (3) Indebtedness described in clause (c) of the definition of Permitted Indebtedness; provided, that, if upon the conversion of the Convertible Notes Avid may satisfy its conversion obligations by either paying cash or delivering Convertible Note Common Stock, the payment of cash shall be deemed to be a voluntary prepayment which is prohibited by this clause (i).”
6.Section 6.9 (Restricted Junior Payments).  Section 6.9 of the Credit Agreement is hereby amended by (A) deleting the word “and” at the end of clause (b) thereof, (B) deleting the period at the end of clause (c) thereof and replacing it with a comma and (C) inserting the following clauses (d) and (e) at the end thereof:

“(d)   Loan Parties may purchase any of the Capped Call Hedge Agreements in connection with the Convertible Note Transactions and acquire common stock of Avid from the Capped Call Counterparty in accordance with the terms of the Capped Call Hedge Agreements, provided, that, Loan Parties shall not pay any consideration for such stock other than the amounts paid by Avid to the Capped Call Counterparty under any Capped Call Hedge Agreement as the purchase price of such Capped Call Hedge Agreement at the time such Capped Call Hedge Agreement was originally effective, and
(e)  Loan Parties may acquire the common stock of Avid pursuant to, and in accordance with the terms of, the Share Repurchase Program.”
7.Section 6.14 (Limitation on Issuance of Equity Interests).  Section 6.14 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“6.14   Limitation on Issuance of Equity Interests.  Except for the issuance or sale of common stock (including without limitation the Convertible Note Common Stock) or Permitted Preferred Equity Interests by Borrowers or Guarantors, including options, warrants or other instruments convertible into common stock or Preferred Equity Interests, whether or not under employee stock option or similar plans approved by the board of directors of the applicable Loan Party, issue or sell or enter into any agreement or arrangement for the issuance and sale of any of its Equity Interests; provided, that, as to any such issuance or sale of common stock or Preferred Equity Interests (a) except in the case of the issuance of Convertible Note Common Stock, Agent shall have received not less than five (5) Business Days’ prior written notice of such issuance and sale by such Borrower or Guarantor, which notice shall specify the parties to whom such common stock or Preferred Equity Interests are to be sold, the terms of such sale, the total amount which it is anticipated will be realized from the issuance and sale of such stock and the net cash proceeds which it is anticipated will be received by such Borrower or Guarantor from such sale, (b) such Borrower or Guarantor shall not be required to pay any cash dividends or repurchase or redeem such common stock or Preferred Equity Interests or make any other payments in respect thereof, (c) the terms of such common stock or Preferred Equity Interests, and the terms and conditions of the purchase and sale thereof, shall not include any terms that include any limitation on the right of any Borrower to request or receive Loans or Letters of Credit or the right of any Borrower and Guarantor to amend or modify any of the terms and conditions of this Agreement or any of the other Loan Documents or otherwise affect the arrangements of Borrowers and Guarantors with Agent and Lenders or are more restrictive or burdensome to any Borrower or Guarantor than the terms of any Equity Interests in effect on the date hereof, (d) except with respect to any sale and issuance of common stock or Preferred Equity Interests of Avid, all of the proceeds of any such sale and issuance shall be paid to Agent for application to the Obligations in accordance herewith and (e) except in the case of the issuance of Convertible Note Common Stock, as of the date of such issuance and sale and after giving effect thereto, no Default or Event of Default shall exist or have occurred and be continuing.”
8.Fees.  In addition to all other fees payable by Borrowers under the Credit Agreement and the other Loan Documents, in consideration of this Amendment, Borrowers shall pay to Agent, for itself and the other Lenders in accordance with its arrangements with such Lenders, an amendment fee in the amount of $25,000 (the “Amendment No. 14 Fee”), which fee shall be fully earned and payable as of the effective date hereof.  Agent may, at its option, charge such amendment fee to any loan account of Borrowers maintained by Agent.  If the Credit Agreement is amended and restated prior to June 30, 2015 and Borrowers are required to pay a closing fee in connection therewith (the “Amendment and Restatement Closing Fee”), then the amount of the Amendment No. 14 Fee shall be credited against the Amendment and Restatement Closing Fee.

9.Conditions Precedent.  This Amendment shall become effective on the first date upon which each of the following conditions precedent has been satisfied in a manner satisfactory to Agent:

(a)Agent shall have received this Amendment, duly authorized, executed and delivered by Borrowers, Guarantors and the Required Lenders; 

(b)Agent is in receipt in immediately available funds, or has charged a loan account of Borrowers, the fee referred to in Section 8 hereof; and

(c)on the date of this Amendment and immediately after giving effect hereto, no Default or Event of Default shall exist or shall have occurred and be continuing.  

10.Representations, Warranties and Covenants.  Each Borrower and Guarantor hereby represents and warrants to the Lender Group the following (which shall survive the execution and delivery of this Amendment), the truth and accuracy of which representations and warranties are a continuing condition of the making of Advances and providing Letters of Credit to Borrowers:

(a)each Loan Party (i) is duly organized and existing and in good standing (or the applicable equivalent under local law) under the laws of the jurisdiction of its organization, and in the case of Avid Ireland, is a duly established branch of a Netherlands private limited liability company pursuant to and in accordance with the European Communities (Branch Disclosures) Regulations 1993 of Ireland, (ii) is qualified to do business in any state or other jurisdiction where the failure to be so qualified could reasonably be expected to result in a Material Adverse Change, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into this Amendment and to carry out the transactions contemplated hereby.

(b)this Amendment has been duly executed and delivered by each Loan Party and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally;

(c)the execution, delivery, and performance by each Loan Party of this Amendment has been duly authorized by all necessary action on the part of such Loan Party;

(d)as to each Loan Party, the execution, delivery, and performance by such Loan Party of this Amendment do not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to such Loan Party, the Governing Documents of such Loan Party, or any order, judgment, or decree of any court or other Governmental Authority binding on such Loan Party, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of such Loan Party except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of such Loan Party, other than Permitted Liens, or (iv) require any approval of such Loan Party’s interestholders or any approval or consent of any Person under any Material Contract of such Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change;

(e)the execution, delivery, and performance by each Loan Party of this Amendment and the consummation of the transactions contemplated hereby do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect;

(f)after giving effect to this Amendment, including, without limitation, Section 10 hereof, the representations and warranties of the Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except, that, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by 

materiality in the text thereof) on and as of the date hereof as though made on and as of the date hereof (except to the extent that such representations and warranties relate solely to an earlier date);

(g)as of the date hereof, and after giving effect to this Amendment, no Default or Event of Default exists or has occurred and is continuing; and

(h)By no later than 2 Business Days after the initial issuance of the Convertible Notes, Borrowers shall deliver, or cause to be delivered, to Agent, (i)  the Convertible Note Indenture, duly authorized, executed and delivered by the parties thereto and (ii) all other material documents relating to the Convertible Note Transactions, duly authorized, executed and delivered by the parties thereto.

11.Effect of this Agreement.  Except as expressly amended pursuant hereto, no other changes, waivers or modifications to the Loan Documents are intended or implied, and in all other respects the Loan Documents are hereby specifically ratified and confirmed by all parties hereto as of the date hereof.  To the extent that any provision of the Credit Agreement or any of the other Loan Documents are inconsistent with the provisions of this Amendment, the provisions of this Amendment shall control.

12.Further Assurances.  Borrowers and Guarantors shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes hereof.

13.Governing Law.  The validity of this Amendment, the construction, interpretation and enforcement hereof, and the rights of the parties hereto with respect to all matters arising hereunder or related hereto shall be determined under, governed by, and construed in accordance with the laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York.

14.Binding Effect.  This Amendment shall bind and inure to the benefit of the respective successors and assigns of each of the parties hereto.

15.Counterparts; Electronic Execution.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.  Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.  

[SIGNATURES APPEAR ON NEXT PAGE]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the day and year first above written.

BORROWERS:

	
	
	AVID TECHNOLOGY, INC.

	 

	By: /s/ John W. Frederick
Name:  John W. Frederick
Title:    Executive Vice President, Chief Financial Officer and Chief Administrative Officer

	
	
	AVID TECHNOLOGY INTERNATIONAL B.V.

	 

	By: /s/ John W. Frederick
Name:  John W. Frederick
Title:    Executive Vice President, Chief Financial Officer and Chief Administrative Officer

        

GUARANTORS:

	
	
	AVID SYSTEMS, INC.

	 

	By: /s/ John W. Frederick
Name:  John W. Frederick
Title:    Executive Vice President, Chief Financial Officer and Chief Administrative Officer

	
	
	AVID GENERAL PARTNER B.V. acting for itself and in its capacity of general partner (beherend vennoot) of Avid Technology C.V.

	 

	By: /s/ John W. Frederick
Name:  John W. Frederick
Title:    Executive Vice President, Chief Financial Officer and Chief Administrative Officer

            
                    
AGENT AND LENDERS:

	
	
	WELLS FARGO CAPITAL FINANCE, LLC, as Agent
   and a Lender

	 

	By: /s/ Will A. Williams
Name:  Will A. Williams
Title:    Vice Presidentrexx-ex103_286.htm

 

Exhibit 10.3

Execution Version

 

June 15, 2015

Rex Energy Corporation

366 Walker Drive

State College, Pennsylvania 16801

			
	
Attention:
	
 
	
Mr. Thomas Rajan

	
 
	
 
	
Chief Financial Officer

 

	
Re:
	
Amended and Restated Credit Agreement dated as of March 27, 2013 among Rex Energy Corporation, a Delaware corporation (the “Borrower”), Royal Bank of Canada, as Administrative Agent, and the Lenders and other agents party thereto (as heretofore amended, modified or supplemented, the “Credit Agreement”).

Dear Mr. Rajan:

This letter relates to the Credit Agreement.  Each capitalized term not defined herein shall have the meaning assigned such term in the Credit Agreement.  All references to sections in this letter shall be to sections of the Credit Agreement unless otherwise indicated.

The Borrower owns 60% of the aggregate issued and outstanding Equity Interests of Water Solutions Holdings, LLC (such ownership, the “WSH Equity Interests”).  The Borrower has notified the Administrative Agent and the Lenders that it intends to dispose of the WSH Equity Interests pursuant to that certain Membership Interest Purchase Agreement, by and between Rex Energy Corporation and Sand Hills Management, LLC, as sellers, and American Industrial Water, LLC, as Purchaser, which is currently being negotiated (such disposition, the “Subject Disposition”).  The Subject Disposition is not permitted pursuant to the terms of Section 9.12.  Therefore, the Borrower has requested that the Lenders waive, and the Lenders do hereby waive, Section 9.12 as it relates to the Subject Disposition; provided that the Subject Disposition occurs on or before August 31, 2015.  

The Borrower hereby expressly (a) acknowledges the terms of this letter, (b) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this letter, that (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct on the date hereof (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct as of such earlier date), and (ii) no Default has occurred and is continuing, and (c) affirms its obligations under the Credit Agreement and the other Loan Documents to which it is a party.

Except as expressly waived herein, all covenants, obligations and agreements of the Borrower contained in the Credit Agreement and the other Loan Documents shall remain in full force 

 

June 15, 2015

Rex Energy Corporation

Page 2

 

 

 

and effect in accordance with their terms.  Without limitation of the foregoing, the foregoing waiver is hereby granted to the extent and only to the extent specifically stated herein and for no other purpose and shall not be deemed to (a) be a consent or agreement to, or waiver or modification of, any other term or condition of the Credit Agreement, any other Loan Document or any of the documents referred to therein, (b) except as expressly set forth herein, prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement, any other Loan Document or any of the documents referred to therein or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument. Granting the waiver set forth herein does not and should not be construed to be an assurance or promise that waivers will be granted in the future.

This letter shall be governed by, and construed in accordance with, the laws of the State of Texas.

This letter is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.

This letter 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 letter by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

The terms of this letter (including the waiver contained herein) shall not become effective until the Administrative Agent receives counterparts of this letter executed by the Borrower, the Administrative Agent and all of the Majority Lenders.

This letter, the Credit 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 SUBSEQUENT oral agreements of the parties.  There are no UNWRITTEN oral agreements among the parties.

If the foregoing correctly states your understanding with respect to the matters stated in this letter, please acknowledge by signing in the space provided below.

[Signature Pages Follow]

 

 

 

	
 
	
 
	
Very truly yours,
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
ROYAL BANK OF CANADA,
	
 

	
 
	
 
	
as Administrative Agent
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Susan Khokher
	
 

	
 
	
 
	
Name:
	
Susan Khokher
	
 

	
 
	
 
	
Title:
	
Manager, Agency
	
 

 

 

Waiver Letter

Signature Page

 

 

 

Accepted and Agreed to as of 

the date first written above by:

 

 

	
BORROWER:
	
 
	
REX ENERGY CORPORATION
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Thomas Rajan
	
 

	
 
	
 
	
 
	
Thomas Rajan
	
 

	
 
	
 
	
 
	
Chief Financial Officer
	
 

 

Waiver Letter

Signature Page

 

 

	

LENDERS:
	
 
	
ROYAL BANK OF CANADA
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Don J. McKinnerney
	
 

	
 
	
 
	
Name:
	
Don J. McKinnerney
	
 

	
 
	
 
	
Title:
	
Authorized Signatory
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
KEYBANK NATIONAL ASSOCIATION
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ George E. McKean
	
 

	
 
	
 
	
Name:
	
George E. McKean
	
 

	
 
	
 
	
Title:
	
Senior Vice President
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
SUNTRUST BANK
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Shannon Juhan
	
 

	
 
	
 
	
Name:
	
Shannon Juhan
	
 

	
 
	
 
	
Title:
	
Director
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
BMO HARRIS FINANCING, INC.
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ James V. Ducote
	
 

	
 
	
 
	
Name:
	
James V. Ducote
	
 

	
 
	
 
	
Title:
	
Managing Director
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
WELLS FARGO BANK, NATIONAL ASSOCIATION
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Suzanne Ridenhour
	
 

	
 
	
 
	
Name:
	
Suzanne Ridenhour
	
 

	
 
	
 
	
Title:
	
Director
	
 

 

Waiver Letter

Signature Page

 

 

	
 
	
 
	
MUFG UNION BANK, N.A.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Lara Francis
	
 

	
 
	
 
	
Name:
	
Lara Francis
	
 

	
 
	
 
	
Title:
	
Vice President
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
CAPITAL ONE, NATIONAL ASSOCIATION
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Kristen N. Oswald
	
 

	
 
	
 
	
Name:
	
Kristen N. Oswald
	
 

	
 
	
 
	
Title:
	
Vice President
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
M&T BANK
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Christopher P. Kania
	
 

	
 
	
 
	
Name:
	
Christopher P. Kania
	
 

	
 
	
 
	
Title:
	
Admin V.P.
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
U.S. BANK NATIONAL ASSOCIATION
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ John C. Springer
	
 

	
 
	
 
	
Name:
	
John C. Springer
	
 

	
 
	
 
	
Title:
	
Vice President
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
THE HUNTINGTON NATIONAL BANK
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Stephen Hoffman
	
 

	
 
	
 
	
Name:
	
Stephen Hoffman
	
 

	
 
	
 
	
Title:
	
Managing Director
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
ONEWEST BANK N.A.
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Whitney Randolph
	
 

	
 
	
 
	
Name:
	
Whitney Randolph
	
 

	
 
	
 
	
Title:
	
Senior Vice President
	
 

 

Waiver Letter

Signature Page

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