Document:

bsm-ex101_7.htm

Exhibit 10.1

First Amendment

To

Third Amended and Restated

Credit Agreement

Dated as of October 28, 2015

Among

Black Stone Minerals Company, L.P.,
As Borrower,

Black Stone Minerals, L.P.,
As Parent MLP,

Wells Fargo Bank, National Association,
As Administrative Agent,

And

The Lenders Party Hereto

 

Sole Book runner And Sole Lead Arranger

Wells Fargo Securities, LLC

 

 

 

 

FIRST AMENDMENT TO THIRD AMENDED 

AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) dated as of October 28, 2015, is among: BLACK STONE MINERALS COMPANY, L.P., a Delaware limited partnership (the “Borrower”); BLACK STONE MINERALS, L.P., a Delaware limited partnership (the “Parent MLP”); each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

R E C I T A L S

A.The Borrower, the Parent MLP, the Administrative Agent and the Lenders are parties to that certain Third Amended and Restated Credit Agreement dated as of January 23, 2015 (as amended, modified or supplemented to date, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.

B.The Borrower, the Parent MLP, the Administrative Agent and the Lenders desire to amend the Credit Agreement to, among other things, extend the Termination Date and approve the new Borrowing Base.

C.Now, therefore, to induce the Administrative Agent and the Lenders to enter into this First Amendment and 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 used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this First Amendment.  Unless otherwise indicated, all section references in this First Amendment refer to sections of the Credit Agreement.

 Section 2. Amendments to Credit Agreement.

2.1 Amendments to Section 1.02.  Section 1.02 is hereby amended by deleting the following definitions in their entirety and replacing them with the following:

““Agreement” means this Third Amended and Restated Credit Agreement, as amended by the First Amendment to Third Amended and Restated Credit Agreement dated as of October 28, 2015, as the same may be amended or supplemented from time to time.”

 

““Termination Date” shall mean, unless the Commitments are sooner terminated pursuant to Section 2.03(b) or Section 10.02, February 4, 2019.”

 

 

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Section 3.Borrowing Base.  All of the Lenders and the Borrower agree that, from and after the First Amendment Effective Date (as defined below) until the next redetermination of the Borrowing Base, the amount of the Borrowing Base shall be $550,000,000.  This provision does not limit the right of the parties to initiate interim redeterminations of the Borrowing Base in accordance with Section 2.08(b) or further adjustments pursuant to Section 2.08(e) or (f), Section 8.08, Section 9.02(i) or (j) or Section 9.13.  This Section 3 of this Amendment constitutes written notice of the redetermined Borrowing Base in accordance with Section 2.08(d).  

Section 4. Conditions Precedent.  This First Amendment shall become effective on the date (such date, the “First Amendment Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 12.04):

4.1 The Administrative Agent shall have received from each of the Lenders, the Parent MLP, and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on behalf of such Person.

4.2 The Administrative Agent shall have received the Consent and Agreement attached to this First Amendment executed by the Guarantors (in such numbers as may be requested by the Administrative Agent).   

4.3 The Administrative Agent shall have received an opinion of counsel to the Borrower reasonably acceptable to the Administrative Agent. 

4.4 The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of the general partner of the Parent MLP setting forth (i) resolutions of its board of managers, board of directors or other appropriate governing body with respect to the authorization of the Borrower, the Parent MLP and each Guarantor to execute and deliver the this Amendment and the other Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (ii) that there have been no changes (other than as may be attached to such certificate of the Secretary or Assistant Secretary) since the date of the last certificate delivered to the Administrative Agent to the officers of such general partner, the Parent MLP and each Guarantor (y) who are authorized to sign this Amendment and the other Loan Documents to which the Borrower, the Parent MLP or each Guarantor, as applicable, is a party and (z) 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 the Credit Agreement, as amended by this First Amendment, and the transactions contemplated hereby, (iii) that there have been no changes (other than as may be attached to such certificate of the Secretary or Assistant Secretary) since the date of the last certificate delivered to the Administrative Agent to the specimen signatures of such authorized officers, and (iv) that there have been no changes (other than as may be attached to such certificate of the Secretary or Assistant Secretary) since the date of the last certificate delivered to the Administrative Agent to the articles, certificate of incorporation, limited partnership agreement and bylaws, as applicable, of the Borrower, the Parent MLP and each Guarantor, 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 the Borrower to the contrary.

 

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4.5 The Administrative Agent shall have received a certificate of a Responsible Officer of the general partner of the Parent MLP certifying as of the First Amendment Date that: (i) no Default has occurred and is continuing; (ii) since December 31, 2013, no change has occurred, either in any case or in the aggregate, in the condition, financial or otherwise, of the Borrower or any Subsidiary which could reasonably be expected to have a Material Adverse Effect; (iii) the representations and warranties made by the Borrower, the Guarantors, and the Parent MLP in Article VII of the Credit Agreement and in the other Loan Documents are true in all material respects (unless otherwise qualified as to materiality) 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 to the extent such representations and warranties are expressly limited to an earlier date; (iv) the Borrower, the Guarantors, and the Parent MLP have performed and complied with all agreements and conditions contained in the First Amendment and in the Loan Documents required to be performed or complied with by them prior to or on the First Amendment Effective Date; and (v) each Loan Party has received all consents and approvals required by Section 7.06 of the Credit Agreement. 

4.6 The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement..

4.7 No Default or Event of Default shall have occurred and be continuing as of the date hereof, immediately after giving effect to the terms of this First Amendment.

The Administrative Agent is hereby authorized and directed to declare this First Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 of this Amendment or the waiver of such conditions as permitted in Section 12.04.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

Section 5. Post-Closing Obligations.  On or prior to December 15, 2015 (or such later date as Administrative Agent may agree), Administrative Agent shall have received: (a) amendments to the mortgages and deeds of trust constituting Security Instruments reflecting the extension of the Termination Date by this Amendment, in form and substance reasonably satisfactory to the Administrative Agent executed by the Borrower and acknowledged (in such numbers as may be requested by the Administrative Agent) and (b) opinions of local counsel to the Borrower regarding those amendments to the mortgages and deeds of trust to be filed in Texas, North Dakota, California and Louisiana, reasonably acceptable to the Administrative Agent.  

Section 6. Miscellaneous.

6.1 Confirmation. The provisions of the Credit Agreement, as amended and waived by this First Amendment, shall remain in full force and effect following the effectiveness of this First Amendment.

6.2 Ratification and Affirmation; Representations and Warranties.  Each of the Borrower and the Parent MLP hereby (a) ratifies and affirms its obligations under, and 

 

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acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended or waived hereby and (b) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this First Amendment: 

(i)all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date,

(ii)no Default or Event of Default has occurred and is continuing, and

(iii)no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

6.3 Counterparts. This First 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 First Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

6.4 NO ORAL AGREEMENT. THIS FIRST AMENDMENT, 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 UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

6.5 GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

6.6 Payment of Expenses. In accordance with Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket expenses incurred in connection with this First Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees, charges and disbursements of counsel to the Administrative Agent.

6.7 Severability. Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

6.8 Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

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6.9 Loan Document.  This First Amendment is a Loan Document. 

 

[SIGNATURES BEGIN NEXT PAGE]

 

 

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

 

BLACK STONE MINERALS COMPANY, L.P., as Borrower

By:BSMC GP, L.L.C. 

             its General Partner

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

BLACK STONE MINERALS, , L.P., as Parent MLP

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

 

 

 

 

 

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Issuing Bank and a Lender

 

 

By:/s/ Lila Jordan

Lila Jordan

Managing Director

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

BANK OF AMERICA, N.A.,

as a Lender

 

 

By:/s/ Alia Qaddumi

Name:Alia Qaddumi

Title:Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

COMPASS BANK,

as a Lender

 

 

By:/s/ Les Werme

Name:Les Werme

Title:Director

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

JPMORGAN CHASE BANK N.A.,

as a Lender

 

 

By:/s/ Theresa M. Benson

Name:Theresa M. Benson

Title:Authorized Officer

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

COMERICA BANK,

as a Lender

 

 

By:/s/ William Robinson

Name:William Robinson

Title:Senior Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

AMEGY BANK, NATIONAL ASSOCIATION,

as a Lender

 

 

By:/s/ Sam Trail

Name:Sam Trail

Title:Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

MUFG UNION BANK, N.A.,

as a Lender

 

 

By:/s/ David Helffrich

Name:David Helffrich

Title:Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

NATIXIS, NEW YORK BRANCH,

as a Lender

 

 

By:/s/ Kenyatta B. Gibbs

Name:Kenyatta B. Gibbs

Title:Director

 

 

 

By:/s/ Stuart Murray

Name:Stuart Murray

Title:Managing Director

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

IBERIABANK,

as a Lender

 

 

By:/s/ Tyler S. Thoem

Name:Tyler S. Thoem

Title:Senior Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

THE BANK OF NOVA SCOTIA,

as a Lender

 

 

By:/s/ Alan Dawson

Name:Alan Dawson

Title:Director

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

TEXAS CAPITAL BANK, N.A.,

as a Lender

 

 

By:/s/ Jason Fowler

Name:Jason Fowler

Title:Senior Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

KEYBANK, NATIONAL ASSOCIATION,

as a Lender

 

 

By:/s/ George E. McKean

Name:George E. McKean

Title:Senior Vice President

 

 

 

 

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

CADENCE BANK, N.A.,

as a Lender

 

 

By:/s/ Eric Broussard

Name:Eric Broussard

Title:Executive Vice President

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

BOKF, N.A. DBA BANK OF TEXAS.,

as a Lender

 

 

By:/s/ Mari Salazar

Name:Mari Salazar

Title:Senior Vice President

 

SIGNATURE PAGE

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

 [First Amendment]

CONSENT AND AGREEMENT

Each of the undersigned hereby (i) consents to the provisions of this First Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Fourth Amended and Restated Guaranty and Collateral Agreement dated as of October 28, 2013, as amended, modified or supplemented to date, made by it for the benefit of Administrative Agent and Lenders executed pursuant to the Credit Agreement and the other Loan Documents, (iii)  ratifies and confirms all other Loan Documents made by it for the benefit of Administrative Agent and Lenders, (iv) agrees that all of its respective obligations and covenants thereunder, except as may be amended or modified hereby, shall remain unimpaired by the execution and delivery of this First Amendment and the other documents and instruments executed in connection herewith, and (v) agrees that such Fourth Amended and Restated Guaranty and such other Loan Documents shall remain in full force and effect.

 

[SIGNATURES BEGIN NEXT PAGE]

 

 

 

004255 000290 16104831.3

 

IN WITNESS WHEREOF, the parties hereto have caused this Consent and Agreement to be duly executed as of the date first written above.

 

BLACK STONE ENERGY COMPANY, L.L.C.

 

By:Black Stone Minerals Company, L.P.,

its sole Member

 

By:BSMC GP, L.L.C. 

             its General Partner

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

 

BSML PARTNERSHIP

 

By:Black Stone Minerals Company, L.P.,

             its Managing Partner

 

By:BSMC GP, L.L.C. 

             its General Partner

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

SIGNATURE PAGE

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

 

BLACK STONE NATURAL RESOURCES, L.L.C. 

 

By:Black Stone Minerals Company, L.P.,

its sole Member

 

By:BSMC GP, L.L.C. 

             its General Partner

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

 

 

TLW INVESTMENTS, L.L.C. 

 

By:Black Stone Natural Resources, L.L.C., 

its sole Manager

 

By:Black Stone Minerals Company, L.P.,

its sole Member

 

By:BSMC GP, L.L.C. 

             its General Partner

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

SIGNATURE PAGE

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

 

BSAP II GP, L.L.C. 

 

By:Black Stone Natural Resources, L.L.C., 

its sole Manager

 

By:Black Stone Minerals Company, L.P., 

its sole Member

 

By:BSMC GP, L.L.C. 

             its General Partner

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

 

BLACK STONE MINERALS, L.P.

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

 

 

 

SIGNATURE PAGE

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT

 

BSMC GP, L.L.C.

 

By:Black Stone Minerals, L.P.

            its Sole Member

 

By:Black Stone Minerals GP, L.L.C.

            its General Partner

 

 

By:        /s/ Richard M. Carroll                    

      Richard M. Carroll

      Senior Vice President, Chief Financial Officer and Treasurer

SIGNATURE PAGE

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENTEX-10.1

 Exhibit 10.1 

AMENDMENT TO EMPLOYMENT AGREEMENT 

This Amendment (“Amendment”) to the Employment Agreement effective as of July 25, 2013 by and between TIME WARNER CABLE INC.
and ROBERT D. MARCUS (the “Employment Agreement”) is made effective as of July 31, 2015. 
 Each of the parties hereto,
intending to be legally bound, hereby agrees that the Employment Agreement shall be amended as follows: 

1.        Section 1 shall be amended to reflect that the Term is extended to end on
December 31, 2017. 
 2.        Section 4.2 shall be amended by adding at the end thereof
three new paragraphs to read as follows: 
 “The following two paragraphs shall apply in addition to the foregoing, and such paragraphs
shall not in any way replace or reduce any other circumstances specified in this Agreement as an involuntary termination without cause or termination for Good Reason. 

Your employment shall be deemed to have been involuntarily terminated without cause if, during the Charter Change in Control Protection
Period, (A) the Company or New Charter (i) offers you a new position in or (ii) relocates your existing position to, a location which, in either case, will result either (x) in an increased commute each way of at least forty
(40) miles more than the current distance between your home and then current work location or (y) a commute each way of at least fifty (50) miles between your home and the proposed work location, and (B) you promptly reject in
writing such offer or relocation requirement. The Company or New Charter shall have thirty (30) days from receipt of such rejection to cure by rescinding the offer or revoking the relocation. If the Company or New Charter does not cure, you
must terminate employment as of the expiration of the cure period in order for the resignation to constitute a termination without cause. The “Charter Change in Control Protection Period” means the period beginning at the effective time
(the “Effective Time”) of the closing of the merger between Time Warner Cable Inc. and Charter Communications, Inc. and ending on the second anniversary of the Effective Time, or the expiration of the Term, if earlier. “New
Charter” means the ultimate parent company of the affiliated group resulting from the merger between Time Warner Cable Inc. and Charter Communications, Inc. 

Furthermore, your employment shall be deemed to have been terminated for Good Reason if, during the Charter Change in Control Protection
Period and without your consent, (A) your Base Salary is reduced from your Base Salary in effect immediately before the reduction, (B) the sum of your Base Salary, Target Bonus, and target grant value of long-term incentive compensation
pursuant to Sections 3.1, 3.2, and 3.3 is reduced from such sum in effect immediately before the reduction (for this purpose, the 2015, 2016, and 2017 accelerated RSU grants are taken into account as long-term incentive compensation granted in 2015,
2016, and 2017 respectively), or (C) your Target Bonus is substituted with long-term incentive compensation such that it reduces your Target Bonus by more than half of your Target Bonus in effect immediately prior to the Effective Time. Your
employment will not be deemed to have 

  
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been terminated for Good Reason in accordance with the foregoing sentence unless you provide the Company or New Charter with written notice of the circumstances giving rise to Good Reason within
ninety (90) days of their occurrence, and the Company or New Charter shall have thirty (30) days from receipt of such notice to cure. If New Charter does not cure such circumstances, you must terminate employment as of the expiration of
the cure period in order to resign for Good Reason. The target grant value of long-term incentive compensation will be determined in a manner consistent with the methodology used by the Company for purposes of Section 3.3 of the Agreement
immediately before the Effective Time.” 
 3.        The parties agree that, in the event of a
termination of employment following the closing of the merger between Time Warner Cable Inc. and Charter Communications, Inc., the release of claims referenced in Annex A of the Employment Agreement will expressly include New Charter (the ultimate
parent company of the affiliated group resulting from the merger) among the released parties. 
 Except as expressly provided in this
Amendment, all other provisions of the Employment Agreement, as amended, shall remain in full force and effect. 
 IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be duly executed effective as of the date first written above. 
  

 

			
	TIME WARNER CABLE INC.
		
	By: 	 	    /s/ Paul Gilles
		 	     Paul Gilles

    Senior Vice President, Human Resources

	
	Agreed and Accepted:
	
	EXECUTIVE
		
	By:	 	    /s/ Robert D. Marcus
		 	    Robert D. Marcus

  
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