Document:

rvra-ex101_259.htm

Exhibit 10.1

Execution Version

Sixth Amendment to Credit Agreement

This Sixth Amendment to Credit Agreement (this “Amendment”) dated as of October 27, 2020, is among Linn Energy Holdco II LLC, a Delaware limited liability company (the “Borrower”); Linn Energy Holdco LLC, a Delaware limited liability company (the “Parent”); Linn Merger Sub #1, LLC, a Delaware limited liability company (“MidCo”); Riviera Resources, Inc., a Delaware corporation (“Holdings”); each of the undersigned guarantors (the “Guarantors”, and together with the Borrower, the Parent, MidCo and Holdings, the “Obligors”); Royal Bank of Canada, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as the Issuing Bank; and the Lenders signatory hereto.  

R e c i t a l s

A.The Borrower, the Parent, MidCo, Holdings, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of August 4, 2017 (as amended, restated, amended and restated, supplement, or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.

B.The Borrower and the other Obligors are parties to that certain Guarantee and Collateral Agreement dated as of August 4, 2017 made by each of the Grantors (as defined therein) in favor of the Administrative Agent.

C.The Borrower, the Parent, MidCo, Holdings, the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement as more fully set forth herein.

D.NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.Defined Terms.  Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Amendment, shall have the meaning ascribed to such term in the Credit Agreement.  Unless otherwise indicated, all section, exhibit and schedule references in this Amendment refer to sections, exhibits or schedules of the Credit Agreement.  

Section 2.Amendments to Credit Agreement.

2.1Amendments to Section 1.02.

(a)Each of the following definitions is hereby amended and restated in its entirety to read as follows:

“Aggregate Maximum Credit Amounts” at any time shall equal the sum of the Maximum Credit Amounts, as the same may be reduced or terminated pursuant to Section 2.06.  As of the Sixth Amendment Effective Date, the Aggregate 

LEGAL_US_W # 104976239.6

 

Maximum Credit Amounts of the Lenders is $540,000.

“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and the Sixth Amendment, as the same may from time to time be further amended, restated, amended and restated, supplemented or otherwise modified.

“LC Commitment” at any time means $540,000.

(b)The following definitions are hereby added where alphabetically appropriate to read as follows:

“Sixth Amendment” means that certain Sixth Amendment to Credit Agreement, dated as of October 27, 2020, among the Borrower, Holdings, MidCo, the Parent, the other Guarantors, the Administrative Agent and the Lenders party thereto.

“Sixth Amendment Effective Date” has the meaning assigned to such term in the Sixth Amendment.

(c)The definition of “Commitment” is hereby amended by adding the following sentence to the end thereof:

Notwithstanding the foregoing or anything to the contrary contained herein, from and after the Sixth Amendment Effective Date, no Lender shall have a commitment to make Loans hereunder.

2.2Amendment to Section 2.01.  Section 2.01 is hereby amended by adding the following new sentence at the end thereof:

Notwithstanding the foregoing or anything to the contrary contained herein, from and after the Sixth Amendment Effective Date, no Lender shall have any obligation to make any Loans hereunder, and the Borrower shall not make any request for a Borrowing (and any Borrowing Request made by the Borrower shall be ineffective).

2.3Amendment to Section 2.03.  Section 2.03 is hereby amended by adding the following new sentence at the end thereof:

Notwithstanding the foregoing or anything to the contrary contained herein, from and after the Sixth Amendment Effective Date, the Borrower may not make any request for a Borrowing (and any Borrowing Request made by the Borrower shall be ineffective).

2.4Amendment to Section 2.08(a).  Section 2.08(a) is hereby amended by adding the following new sentence to the end thereof:

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Notwithstanding the foregoing or anything to the contrary contained herein, from and including the Sixth Amendment Effective Date, no Issuing Bank shall have any obligation to issue, amend, renew or extend any Letter of Credit hereunder, and the Borrower shall not request the issuance, amendment, renewal or extension of any Letter of Credit hereunder (and any such request delivered by the Borrower shall be ineffective). 

2.5Amendment to Section 8.16.  Section 8.16 is hereby amended by adding a new subsection (c) to the end thereof to read as follows:

	
(c)
	
From and after the Sixth Amendment Effective Date, the Borrower shall maintain at all times at least $540,000 in cash in the Deposit Account maintained with Comerica Bank with account number XXXXXX3194, in which the Administrative Agent has been granted a first-priority Lien.
	
 

Section 3.Assignment and Assumption; Borrowing Base Reduction.  

3.1Assignment and Assumption; Exiting Lenders. 

(a)As used in this Sixth Amendment, (i) the term “Exiting Lenders” means the collective reference to each of Citibank, N.A., JPMorgan Chase Bank, N.A., Cadence Bank, N.A., Cathay Bank, and Canadian Imperial Bank of Commerce, New York Branch; and (ii) the term “Continuing Lender” means Royal Bank of Canada.   

(b)Effective as of the Sixth Amendment Effective Date, immediately after to giving effect to the amendments to the Credit Agreement set forth in Section 2 and the Borrowing Base reduction set forth in Section 3.2 and for an agreed consideration, each Exiting Lender (each an “Assignor”) hereby irrevocably sells and assigns to the Continuing Lender (the “Assignee”), and the Assignee hereby irrevocably purchases and assumes from the Assignors, subject to and in accordance with the Standard Terms and Conditions attached as Annex 1 to Exhibit D to the Credit Agreement (the “Standard Terms and Conditions”) and the Credit Agreement (the “Assignment and Assumption”): (i) all of such Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto, including, without limitation, the Commitment and the Maximum Credit Amount of such Assignor and all of the Loans owing to such Assignor which are outstanding on the Sixth Amendment Effective Date, together with the participations in Letters of Credit held by such Assignor on the Sixth Amendment Effective Date (but excluding accrued interest and fees to and excluding the Sixth Amendment Effective Date), such that, after giving effect to such sale, assignment, purchase and assumption, (A) the Assignee shall have the Commitment, Maximum Credit Amount and Loans (and participations in Letters of Credit) specified in the below grid under the caption “Continuing Lender’s Interests”, (B) the Commitment of each Exiting Lender shall be zero, (C) each Exiting Lender shall have sold and assigned to the Assignee all of the Loans owing to such Exiting Lender which are outstanding on the Sixth Amendment Effective Date, together with the participations in Letters of Credit held by such Exiting Lender on the Sixth Amendment Effective Date, and (D) each Exiting Lender shall cease to be a “Lender” for all purposes under the Credit Agreement and the other Loan Documents but shall continue to be entitled to the benefits of Section 5.01, Section 5.02, Section 5.03 and Section 12.03 of the Credit 

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Agreement; and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of such Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above.  Such sale and assignment is without recourse to any Assignor and, except as expressly provided in the Standard Terms and Conditions, without representation or warranty by any Assignor.  The Administrative Agent hereby waives the processing and recordation fee of $3,500 payable to the Administrative Agent pursuant to 12.04(b)(ii)(C) of the Credit Agreement in connection with the Assignment and Assumption.   The Standard Terms and Conditions are hereby agreed to and incorporated herein by reference and made a part of the terms of the Assignment and Assumption pursuant to this Section 3.1 as if set forth herein in full.

A.Continuing Lender’s Interests:

	
Continuing Lender
	
Maximum Credit Amount 
	
Principal Amount of Loans 
	
Participations in Letters of Credit and LC Disbursements 

	
Royal Bank of Canada
	
$540,000.00
	
$0.00
	
$540,000.00

 

(c)Amendment and Restatement of Annex I to the Credit Agreement.  On the Sixth Amendment Effective Date, immediately after giving effect to the Assignment and Assumption pursuant to this Section 3.1 of this Amendment: (a) the Continuing Lender shall have the Maximum Credit Amount specified for such Person on Annex I attached to this Sixth Amendment; (b) Annex I of the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Annex I attached to this Sixth Amendment; and (c) each Exiting Lender shall cease to be a “Lender” for all purposes under the Credit Agreement and the other Loan Documents.

3.2Borrowing Base Reduction.  For the period from and including the Sixth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $540,000.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time to the extent required by Section 2.07(e), Section 2.07(f) or Section 8.12(c).  

Section 4.Conditions Precedent to Sixth Amendment Effective Date.  This Amendment shall become effective on the date (such date, the “Sixth Amendment Effective Date”) when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement):

4.1Sixth Amendment.  The Administrative Agent shall have received from the Borrower, each other Obligor, each Lender and the Issuing Bank counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of such Persons. 

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4.2No Default.  No Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing as of the Sixth Amendment Effective Date.

4.3No Outstanding Loans or Letters of Credit.  No Loans or Letters of Credit shall be outstanding other than (i) that certain Letter of Credit #1885S26784 issued in favor of Southern Star Central Gas Pipeline, Inc. and (ii) that certain Letter of Credit #1185/S26343 issued in favor of Claiborne Electric CO-OP.

4.4Payment of Outstanding Invoices.  The Administrative Agent shall have received payment by the Borrower of all fees and other amounts due and payable on or prior to the Sixth Amendment Effective Date, including, to the extent invoiced prior to the Sixth Amendment Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower (including, but not limited to the reasonable fees of Paul Hastings LLP), in each case pursuant to the Credit Agreement.

The Administrative Agent is hereby authorized and directed to declare this Amendment to be effective and to declare the occurrence of the Sixth Amendment Effective Date when it has received documents confirming compliance with the conditions set forth in this Section 4 or the waiver of such conditions in accordance with Section 12.02 of the Credit Agreement.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  For purposes of determining compliance with the conditions specified in this Section 4, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to such Lender, unless the Administrative Agent shall have received written notice from such Lender prior to the Sixth Amendment Effective Date specifying its objection thereto.  

Section 5.Limited Waivers.  

5.1Limited Waiver of Section 8.01 Reporting Requirements.  Pursuant to Section 8.01(b), Section 8.01(c), Section 8.01(d) and Section 8.01(l), the Borrower is required to deliver financial statements, a compliance certificate, a list of Swap Agreements, production reports and lease operating statements, respectively, not later than forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Holdings (the “Quarterly Reporting Covenants”).  The Borrower has requested that the Lenders postpone, and the Lenders do hereby postpone the date on which the Borrower shall satisfy the Quarterly Reporting Covenants for the fiscal quarter ending September 30, 2020 until the date that is forty-five (45) days following the Sixth Amendment Effective Date.

5.2Limited Waiver of Section 9.01.  The Borrower has requested that the Lenders waive, and the Lenders do hereby waive, the Borrower’s compliance with Section 9.01(a) and Section 9.01(b) solely for the fiscal quarter ending September 30, 2020.

5.3Limited Waiver of Section 8.16 and Section 9.19.  The Borrower has requested that the Lenders waive, and the Lenders do hereby waive, the Borrower’s compliance with Section 8.16 and Section 9.19 solely with respect to that certain Deposit Account of the Borrower maintained with Royal Bank of Canada, New York Branch with account number 1881853194, 

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which Deposit Account serves as cash collateral for that certain letter of credit #1185S26784 assumed by the Borrower from Blue Mountain Midstream LLC in favor of Southern Star Central Gas Pipeline, Inc. 

5.4Waivers Generally.  Except as expressly waived herein, all covenants, obligations and agreements of the Borrower, the Parent, MidCo, Holdings and each other Obligor contained in the Credit Agreement and the other Loan Documents shall remain in full force and effect in accordance with their terms.  Without limitation of the foregoing, the foregoing waivers are 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, or amendment to, 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, the Parent, MidCo, Holdings or any other Obligor 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 waivers set forth in this Section 5 does not and should not be construed to be an assurance or promise that consents or waivers will be granted in the future, whether for the matters herein stated or on other unrelated matters.

Section 6.Miscellaneous.

6.1Confirmation. The provisions of the Credit Agreement (as amended by this Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Amendment.

6.2Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby: (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations, and acknowledges, renews and extends 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 amended hereby (subject to subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law); (c) agrees that from and after the Sixth Amendment Effective Date, each reference to the Credit Agreement in the Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Amendment: (i) the representations and warranties set forth in each Loan Document are true and correct in all material respects (except for those which have a materiality qualifier, which shall be true and correct in all respects as so qualified), 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 in all material respects (except for those which have a materiality qualifier, which shall be true and correct in all respects as so qualified) as of such specified earlier date and (ii) no Default has occurred and is continuing.

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6.3Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by fax, as an attachment to an email or other similar electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

6.4NO ORAL AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

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

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

6.7Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

6.8Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties to the Credit Agreement and their respective successors and assigns permitted thereby.

6.9Loan Document.  This Amendment 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.

6.10Electronic Execution of Amendment and Certain Other Documents. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping 

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system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

[Signatures begin next page.]

 

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

 

			
	
BORROWER:
	
LINN ENERGY HOLDCO II LLC

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ David B. Rottino

	
 
	
Name:
	
David B. Rottino

	
 
	
Title:
	
President and Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

	
PARENT:
	
LINN ENERGY HOLDCO LLC

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ David B. Rottino

	
 
	
Name:
	
David B. Rottino

	
 
	
Title:
	
President and Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
MIDCO:
	
LINN MERGER SUB #1, LLC

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ David B. Rottino

	
 
	
Name:
	
David B. Rottino

	
 
	
Title:
	
President and Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

	
HOLDINGS:
	
RIVIERA RESOURCES, INC.

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ David B. Rottino

	
 
	
Name:
	
David B. Rottino

	
 
	
Title:
	
President and Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

 

Signature Page

Sixth Amendment to Credit Agreement

 

				
				
	
GUARANTORS:
	
RIVIERA UPSTREAM, LLC
	
	
 
	
 
	
	
 
	
 
	
	
 
	
By:
	
/s/ David B. Rottino
	
	
 
	
Name:
	
David B. Rottino
	
	
 
	
Title:
	
President and Chief Executive Officer
	
	
 
	
 
	
 
	
	
 
	
 
	
 
	
	
 
	
RIVIERA OPERATING, LLC
	
RIVIERA UPSTREAM, LLC

	
 
	
 
	
	
 
	
 
	
	
 
	
By:
	
/s/ David B. Rottino
	
	
 
	
Name:
	
David B. Rottino
	
	
 
	
Title:
	
President and Chief Executive Officer
	
	
 
	
 
	
 
	
	
 
	
 
	
 
	
	
 
	
RIVIERA MARKETING, LLC
	
	
 
	
 
	
	
 
	
 
	
	
 
	
By:
	
/s/ David B. Rottino
	
	
 
	
Name:
	
David B. Rottino
	
	
 
	
Title:
	
President and Chief Executive Officer
	
	
 
	
 
	
 
	

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
ADMINISTRATIVE AGENT:
	
ROYAL BANK OF CANADA, as 

Administrative Agent

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Yvonne Brazier

	
 
	
Name:
	
Yvonne Brazier

	
 
	
Title:
	
Manager, Agency Services

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
ISSUING BANK AND LENDER:
	
ROYAL BANK OF CANADA, as Issuing

Bank and a Lender

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/  Don J. McKinnerney

	
 
	
Name:
	
Don J. McKinnerney

	
 
	
Title:
	
Authorized Signatory

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
 
	
JPMORGAN CHASE BANK, N.A., as a

Lender

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Anson Williams

	
 
	
Name:
	
Anson Williams

	
 
	
Title:
	
Authorized Officer

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
 
	
CATHAY BANK, as a Lender

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Dale T. Wilson

	
 
	
Name:
	
Dale T. Wilson

	
 
	
Title:
	
Senior Vice President

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
 
	
CANADIAN IMPERIAL BANK OF

COMMERCE, NEW YORK BRANCH,

as a Lender

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Trudy Nelson

	
 
	
Name:
	
Trudy Nelson

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
/s/ Scott W. Danvers

	
 
	
Name:
	
Scott W. Danvers

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
 
	
CADENCE BANK, N.A., as a Lender

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Molly Wickman

	
 
	
Name:
	
Molly Wickman

	
 
	
Title:
	
Assistant Vice President

 

Signature Page

Sixth Amendment to Credit Agreement

 

			
			
	
LENDERS:
	
CITIBANK, N.A., as a Lender

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Phil Ballard

	
 
	
Name:
	
Phil Ballard

	
 
	
Title:
	
Vice President

 

 

Signature Page

Sixth Amendment to Credit Agreement

 

ANNEX I

MAXIMUM CREDIT AMOUNTS

			
	
Name of Lender
	
Applicable 
Percentage
	
Maximum 

Credit Amount

	
Royal Bank of Canada
	
100.000000000%
	
$540,000.00

	
TOTAL
	
100.00000000%
	
$540,000.00

 

Annex IDocument

Exhibit 10.1
September 30, 2020

EXTENSION REQUEST

Citibank, N.A.,
     as Administrative Agent
One Penns Way, Ops II, Floor 2
New Castle, Delaware  19720
Attention: Bank Loan Syndications

Reference is made to (i) the Amended and Restated Credit Agreement dated as of October 31, 2019 (the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”) and (ii) the form of Response to Extension Request delivered with this Extension Request.  Terms defined in the Credit Agreement are used herein with the same meaning, and all references to Sections herein are references to Sections of the Credit Agreement.
Pursuant to Section 2.17, the Borrower hereby provides notice of its desire to extend the Revolving Credit Facility Termination Date from November 1, 2024 to November 1, 2025 (the “Revolving Credit Facility Extension”).
The Borrower hereby instructs the Administrative Agent to notify each of the Lenders of the receipt of this Extension Request by providing each such Lender with a copy of this Extension Request and the Response to Extension Request, and to further instruct each Lender to indicate its acceptance of this Extension Request by executing and delivering the Response to Extension Request to the Administrative Agent (each such Lender, a “Consenting Lender”) on or before October 23, 2020 (or such longer or shorter period as shall be agreed by the Borrower and the Administrative Agent). 
By executing and delivering the Response to Extension Request to the Administrative Agent, each Consenting Lender shall have irrevocably agreed to the Revolving Credit Facility Extension.  The Revolving Credit Facility Extension shall be effective on October 31, 2020, with respect to each Consenting Lender, if the Consenting Lenders as of such date constitute at least the Required Lenders (the “Revolving Credit Facility Extension Effective Date”). 
As required by Section 2.17, the Borrower hereby confirms that as of the date of this Extension Request no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI of the Credit Agreement are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such 

representation or warranty was true and correct in all material respects (except to the extent already qualified by materiality, in which case said representation and warranty was true and correct in all respects) on and as of such earlier date.

FIRST HUNTINGDON FINANCE CORP.

By /s/ Gregg Ziegler     
Name:  Gregg Ziegler
Title:  Senior Vice President and Treasurer

cc:    Michael Vondriska
388 Greenwich Street
New York, NY 10013

    2

October __, 2020

RESPONSE TO EXTENSION REQUEST

Citibank, N.A.,
    as Administrative Agent
One Penns Way, Ops II, Floor 2
New Castle, Delaware  19720

Attention: Bank Loan Syndications

Reference is made to (i) the Amended and Restated Credit Agreement dated as of October 31, 2019 (the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”) and (ii) Extension Request dated September 30, 2020.  Terms defined in the Credit Agreement or in the Extension Request are used herein with the same meaning, as applicable, and all references to Sections herein are references to Sections of the Credit Agreement.

Pursuant to Section 2.17, the Lender named below hereby notifies the Administrative Agent as follows:

The Lender named below hereby agrees to extend the Revolving Credit Facility Termination Date with respect to all of its Revolving Credit Commitment from November 1, 2024 to November 1, 2025 (the “Revolving Credit Facility Extension”).

This Response to Extension Request is subject in all respect to the terms of the Credit Agreement, is irrevocable and the Revolving Credit Facility Extension shall be effective as of the Revolving Credit Facility Extension Effective Date. If the Revolving Credit Facility Extension Effective Date does not occur this Response to Extension Request shall be deemed to be terminated.  

									
		Very truly yours,
			
		
		CITIBANK, N.A.
			
		By	/s/ Michael Vondriska
			Name: Michael Vondriska
			Title: Vice President

[COPIES OF RESPONSES THAT ARE SUBSTANTIALLY IDENTICAL IN ALL MATERIAL RESPECTS WERE EXECUTED BY THE ENTITIES IDENTIFIED BELOW]

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		BANK OF AMERICA, N.A.
			
		By	/s/ Thomas W. Nowak
			Name: Thomas W. Nowak
			Title: Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		GOLDMAN SACHS BANK USA
			
		By	/s/ Ryan Durkin
			Name: Ryan Durkin
			Title: Authorized Signatory

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		MIZUHO BANK, LTD. 
			
		By	/s/ Donna DeMagistris
			Name: Donna DeMagistris
			Title: Authorized Signatory

--------------------------------------------------------------------------------------------------------------------- 
									
		Very truly yours,
			
		
		PNC BANK, NATIONAL ASSOCIATION
			
		By	/s/ J. Richard Litton 
			Name: J. Richard Litton
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		SUMITOMO MITSUI BANKING CORPORATION 
			
		By	/s/ Michael Maguire
			Name: Michael Maguire
			Title: Managing Director

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		TRUIST BANK, f/k/a Branch Banking and Trust Company, successor by merger to SunTrust Bank
			
		By	/s/ Toby Coons
			Name: Toby Coons
			Title: Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		WELLS FARGO BANK, N.A.
			
		By	/s/ Elena Bennett
			Name: Elena Bennett
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		CAPITAL ONE, NATIONAL ASSOCIATION
			
		By	/s/ Jeff Wallace
			Name: Jeff Wallace
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		U.S. BANK NATIONAL ASSOCIATION, as a Lender
			
		By	/s/ Leonard E. Olsavsky
			Name: Leonard E. Olsavsky
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		CITIZENS BANK, N.A.
			
		By	/s/ David Ross
			Name: David Ross
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		FIFTH THIRD BANK
			
		By	/s/ Talianna Carlson Manne
			Name: Talianna Carlson Manne
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		REGIONS BANK
			
		By	/s/ Randall S. Reid 
			Name: Randall S. Reid
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		BANK OF THE WEST
			
		By	/s/ Sarah J. Burns
			Name: Sarah J. Burns
			Title: Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		CIBC BANK
			
		By	/s/ Julia C Poskus
			Name: Julia C Poskus
			Title: Managing Director

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		COMERICA BANK
			
		By	/s/ Charles Weddell
			Name: Charles Weddell
			Title: Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		TD BANK, N.A.
			
		By	/s/ Brian Gallagher
			Name: Brian Gallagher
			Title: Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		THE BANK OF NEW YORK MELLON
			
		By	/s/ Carol Murray
			Name: Carol Murray
			Title: Director

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		FLAGSTAR BANK
			
		By	/s/ Drew C Szilagyi
			Name: Drew C Szilagyi
			Title: VP

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		TEXAS CAPITAL BANK NA
			
		By	/s/ Daniel McClurkin
			Name: Danial McClurkin
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------

									
		Very truly yours,
			
		
		PEOPLE'S UNITED BANK, N.A.
			
		By	/s/ Ted Dalton
			Name: Ted Dalton
			Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
									
		Very truly yours,
			
		
		ZIONS BANCORPORATION, N.A. dba California Bank & Trust
			
		By	/s/ Aegea Lee
			Name: Aegea Lee
			Title: Executive Vice President

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