Document:

Second Amendment to Credit Agreement

 Exhibit 10.1 
  
 EXECUTION COUNTERPART 
  
 SECOND AMENDMENT TO CREDIT AGREEMENT 
  
 This SECOND AMENDMENT TO CREDIT AGREEMENT is made and entered into effective as of March 18, 2005, (this “Amendment”) between MISSION RESOURCES
CORPORATION, a Delaware corporation (the “Borrower”); each of the lenders party hereto (the “Lenders”); and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association as administrative agent (“Administrative
Agent”) for the Lenders. 
  
 R E C
I T A L S 
  
 A. The Borrower,
the Lenders and the Administrative Agent previously entered into that certain Credit Agreement dated as of April 8, 2004, as amended by that certain First Amendment to Credit Agreement made and entered into and effective as of April 8, 2004 (the
“Credit Agreement”), pursuant to which the Lenders agreed to make certain loans to the Borrower upon the terms and conditions as provided therein. 
  
 B. The Borrower and the Lenders desire to make certain amendments to the Credit Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration and the mutual benefits,
covenants and agreements herein expressed, the parties hereto now agree as follows: 
  
 1. All capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
  
 2. Section 2.08(a) of the Credit Agreement is revised and amended to read in its entirety as follows: 
  
 Section 2.08 Borrowing Base. 
  
 (a) The Borrowing Base shall be determined in accordance
with Section 2.08(b) by the Agent with the concurrence of the applicable number of required Lenders as provided in Section 2.08(b) and is subject to redetermination in accordance with Section 2.08(d). Upon any redetermination of the Borrowing Base,
and Schedule 2.08 such redetermination shall remain in effect until the next successive Redetermination Date. “Redetermination Date” shall mean the date that the redetermined Borrowing Base and Schedule 2.08 becomes effective subject to
the notice requirements specified in Section 2.08(e) both for scheduled redeterminations and unscheduled redeterminations. So long as any of the Revolving Credit Commitments are in effect or any LC Exposure or Loans are outstanding hereunder, this
facility shall be governed by the then effective Borrowing Base and Schedule 2.08. During the period from and after the Closing Date until the first redetermination pursuant to Section 2.08(d) or adjusted pursuant to Section 8.08(c), the amount of
the Borrowing Base shall be $50,000,000.00, 

  

 
which shall be available for purposes allowed by Section 7.07, and to the extent required by Section 8.08, if proceeds are used to purchase Oil and Gas
Properties as allowed under Section 7.07(d), such properties must be mortgaged to the Agent by documents in form and substance satisfactory to Agent and title work furnished satisfactory to Agent and subject to no liens or encumbrances of any kind
whatsoever other than Excepted Liens. Notwithstanding the above, all Lenders shall have the right, at all Lenders’ sole discretion, at any time, to increase the amount of advances under the Borrowing Base available for General Corporate
Purposes and approved acquisitions in an amount determined by all Lenders, in their sole discretion. 
  
 3. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed and shall continue in full force and effect. Borrower and Lenders agree that the Credit Agreement as
amended hereby shall continue to be legal, valid, binding and enforceable in accordance with its terms. 
  
 4. Borrower hereby represents and warrants to Lenders that (i) the execution, delivery and performance of this Amendment and any and all other Loan
Documents executed and/or delivered in connection herewith have been authorized by all requisite corporate action on the part of Borrower and will not violate the articles of incorporation or bylaws of Borrower, (ii) the representations and
warranties contained in the Credit Agreement, as amended hereby, and any other Loan Document are true and correct on and as of the date hereof as though made on and as of the date hereof, (iii) no Event of Default has occurred and is continuing and
no event or condition has occurred that with the giving of notice or lapse of time or both would be an Event of Default, and (iv) Borrower is in full compliance with all covenants and agreements contained in the Credit Agreement as amended hereby.

  
 5. All representations and warranties made in this Amendment
or any other Loan Document including any Loan Document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Lender or any closing shall affect
the representations and warranties or the right of Lender to rely upon them. 
  
 6. Each of the Loan Documents, including the Credit Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms
of the Credit Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby. 
  
 7. As provided in the Credit Agreement, Borrower agrees to pay on demand all
costs and expenses incurred by Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements
thereto including, without limitation, the costs and fees of Administrative Agent’s legal counsel, and all costs and expenses incurred by Administrative Agent and all Lenders in connection with the enforcement or preservation of any 

  

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rights under the Credit Agreement, as amended hereby, or any other Loan Document including, without limitation, the costs and fees of all Lenders’ legal
counsel. 
  
 8. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
  
 9. This Amendment and all other Loan Documents executed pursuant hereto shall
be deemed to have been made and to be performable in Houston, Harris County, Texas and shall be governed by and construed in accordance with the laws of the State of Texas. 
  
 10. This Amendment is binding upon and shall inure to the benefit of Administrative Agent, Lenders, and Borrower and their
respective successors and assigns, except Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of Lender. 
  
 11. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an
original, but all of which when taken together shall constitute one and the same instrument. 
  
 12. No consent or waiver, express or implied, by Lenders to or for any breach of or deviation from any covenant, condition or duty by Borrower or any Guarantor shall be deemed a consent or waiver to or of any other
breach of the same or any other covenant, condition, or duty. 
  
 13. The provisions of Chapter 346 of the Texas Finance Code are specifically declared by the parties not to be applicable to this Amendment or any of the Loan Documents or the transactions contemplated hereby. 
  
 14. THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS
EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO
THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. 
  

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
  
 15. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY OR THE ACTIONS OF THE AGENT OR ANY LENDER IN THE NEGOTIATION,
ADMINISTRATION, OR ENFORCEMENT THEREOF. 
  
 [SIGNATURE PAGE
FOLLOWS] 
  

 3 

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

			
	BORROWER:
	
	MISSION RESOURCES CORPORATION
		
	By:	 	/s/    RICHARD W.
PIACENTI        
	 	 	 Richard W. Piacenti
 Executive Vice President and
 Chief Financial Officer

  

 4 

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

			
	LENDER AND AGENT:
	
	WELLS FARGO BANK NATIONAL ASSOCIATION
		
	By:	 	/s/    JEFF DALTON        
	 	 	 Jeff Dalton
 Vice President

  

 5 

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

			
	LENDER:
	
	MACQUARIE BANK LIMITED – OBU
		
	By:	 	/s/    NICHOLAS O’
KANE        
	 Name:
	 	Nicholas O’ Kane
	 Title:
	 	Executive Director

  

			
		
	 	 	/s/    THOMAS CULLINAN        
	 	 	 Thomas Cullinan
 Attorney

  

 6 

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

			
	LENDER:
	
	STERLING BANK
		
	By:	 	/s/    C. SCOTT WILSON        
	 Name:
	 	C. Scott Wilson
	 Title:
	 	Senior Vice President

  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed effective as of the
date first above written. 
  
 Each Guarantor hereby consents and
agrees to this Amendment and agrees that each Guaranty executed by such Guarantor shall remain in full force and effect and shall continue to be the legal, valid, and binding obligation of such Guarantor enforceable against such Guarantor in
accordance with its terms. 
  

			
	GUARANTOR:
	
	BLACK HAWK OIL COMPANY
		
	By:	 	/s/    RICHARD W.
PIACENTI        
	 	 	 Richard W. Piacenti
 Executive Vice President and
 Chief Financial Officer

  

			
	GUARANTOR:
	
	MISSION HOLDING LLC
		
	By:	 	/s/    RICHARD W.
PIACENTI        
	 	 	 Richard W. Piacenti
 Manager

  
  

					
	GUARANTOR:
	
	MISSION E&P LIMITED PARTNERSHIP
		
	By:	 	Black Hawk Oil Company its sole general partner
			
	 	 	By:	 	/s/    RICHARD W.
PIACENTI        
	 	 	 	 	 Richard W. Piacenti
 Executive Vice President and
 Chief Financial Officer

  

 8Amendment to Employment Agreement

 Exhibit 10.1 
  
 AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), dated March 24, 2005, is between DIGITAL GENERATION
SYSTEMS, INC. (“Employer”) and OMAR A. CHOUCAIR (“Employee”) (Employer and Employee are collectively referred to as the “Parties”). 
  
 RECITALS. The Parties are the signatories to that certain Employment Agreement, dated December 10, 2003 (the
“Employment Agreement”), which they now wish to amend and modify by this Amendment. This Amendment sets forth the terms of such amendment and modification. 
  
 In consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties, intending to be legally bound, hereby covenant and agrees as follows: 
  
 1. Modification to Employment Agreement. Effective as of the date of this Amendment, the second sentence of Section 10(a) of the Employment
Agreement shall be amended to read in its entirety as follows: 
  
 “Employee shall be entitled to annual salary, as follows: 
  

				
	 For the calendar year ending December 31, 2003
	  	$	185,000
	 From January 1, 2004 through December 31, 2004
	  	$	190,000
	 From January 1, 2005 through December 31, 2005
	  	$	200,000
	 From January 1, 2006 through December 31, 2006
	  	$	200,000

  
 or such higher
compensation as may be established by the Corporation from time to time.” 
  
 2. Miscellaneous Except as amended by this Amendment, the Employment Agreement shall remain in full force and effect as executed. In the event of any conflict between the terms of the Employment Agreement and
the terms of this Amendment, the Parties intend that the terms of this Amendment shall control and prevail. Terms not otherwise defined in this Amendment are used as defined in the Employment Agreement. 
  
 IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date
first set forth above. 
  

			
	 DIGITAL GENERATION SYSTEMS, INC.
  

	By:	 	 /s/ Scott K. Ginsburg

	Printed Name:	 	Scott K. Ginsburg
	Title:	 	Chief Executive Officer
		
	 	 	 /s/ Omar A. Choucair

	 	 	Omar A. Choucair, individually

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