Document:

Exhibit 10.11

  

   

  

   

  

  
    
      

      

      

      

       

      

      
        	
                 

              

      

       

      

      

      

      

    

    BMW VEHICLE LEASE TRUST 2022-1,

      as Issuer,

     

    U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Indenture Trustee

    and as Secured Party,

     

    and

     

    U.S. BANK NATIONAL ASSOCIATION,

    as Securities Intermediary

     

     

    

     

    

     

    

     

    

     ___________________________________

     

    

    FORM OF CONTROL AGREEMENT

     

    Dated as of January 19, 2022

     ___________________________________

     

    

     

    

     

      
        	
                 

              

      

       

    

    
      

      

      

      

      

      

      

      

      

      

      

      

    

    
      
        

    

    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE ONE DEFINITIONS

          	
            1

          
	
            Section 1.01.

          	
            General Definitions

          	
            1

          
	
            Section 1.02.

          	
            Incorporation of UCC by Reference

          	
            2

          
	
            ARTICLE TWO ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS

          	
            2

          
	
            Section 2.01.

          	
            Establishment of the Accounts

          	
            2

          
	
            Section 2.02.

          	
            “Financial Assets” Election

          	
            3

          
	
            Section 2.03.

          	
            Entitlement Orders

          	
            3

          
	
            Section 2.04.

          	
            Subordination of Lien; Waiver of Set-Off

          	
            3

          
	
            Section 2.05.

          	
            Notice of Adverse Claims

          	
            3

          
	
            ARTICLE THREE REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY

          	
            4

          
	
            Section 3.01.

          	
            Representations, Warranties and Covenants of the Securities Intermediary

          	
            4

          
	
            ARTICLE FOUR MISCELLANEOUS

          	
            5

          
	
            Section 4.01.

          	
            Choice of Law

          	
            5

          
	
            Section 4.02.

          	
            Conflict with other Agreements

          	
            5

          
	
            Section 4.03.

          	
            Amendments

          	
            5

          
	
            Section 4.04.

          	
            Successors

          	
            5

          
	
            Section 4.05.

          	
            Notices

          	
            5

          
	
            Section 4.06.

          	
            Termination

          	
            5

          
	
            Section 4.07.

          	
            Counterparts

          	
            6

          
	
            Section 4.08.

          	
            Limitation of Liability of Owner Trustee

          	
            6

          
	
            Section 4.09.

          	
            Communications with Rating Agencies

          	
            6

          

    

    

    

    

    
      
        

    

    CONTROL AGREEMENT

     

    This Control Agreement, dated as of January 19, 2022 (this “Agreement”), is among BMW Vehicle Lease Trust 2022-1, as the issuer (the “Issuer”), U.S. Bank National
      Association, not in its individual capacity but solely as indenture trustee (in such capacity, the “Indenture Trustee”) and as secured party (in such capacity, the “Secured Party”), and U.S. Bank National Association, as securities
      intermediary (the “Securities Intermediary”).

     

    RECITALS

     

    WHEREAS, pursuant to the Indenture, the Issuer has granted to the Secured Party a security interest in investment property consisting of the 2022-1 SUBI Collection Account, the Reserve
      Fund, related Security Entitlements and the financial assets and other investment property from time to time included therein to secure payment of the Secured Obligations; and

     

    WHEREAS, the parties hereto desire that the security interest of the Secured Party be a first priority security interest perfected by “control” pursuant to Articles Eight and Nine of the
      UCC.

     

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

     

    ARTICLE ONE

     

    DEFINITIONS

     

    Section 1.01.  General Definitions.  Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective
        meanings set forth below for all purposes of this Agreement.  Capitalized terms that are used herein that are not otherwise defined shall have the meaning ascribed thereto in the Indenture.“2022-1 SUBI Collection Account” means a securities
        account (within the meaning of Section 8-501 of the UCC) in the name “BMW Vehicle Lease Trust 2022-1” established with the Securities Intermediary pursuant to the Indenture, together with any successor accounts established pursuant to the
        Indenture.

     

    “Accounts” means the 2022-1 Collection Account and the Reserve Fund.

     

    “Agreement” has the meaning set forth in the Preamble.

     

    “Entitlement Holder” means, with respect to any financial asset, a Person identified in the records of the Securities Intermediary as the Person having a Security Entitlement
      against the Securities Intermediary with respect to such financial asset.

     

    “Entitlement Order” means a notification directing the Securities Intermediary to transfer or redeem a financial asset.

     

    
      
        

    

    
    “Hague Securities Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Concluded 5 July 2006), which became
      effective in the United States of America on April 1, 2017.

    

    

    “Indenture” means the Indenture, dated as of January 19, 2022, between the Issuer and the Indenture Trustee.

     

    “Indenture Trustee” has the meaning set forth in the Preamble.

     

    “Issuer” has the meaning set forth in the Preamble.

     

    “Notes” has the meaning set forth in the Indenture.

     

    “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated
      organization or government or any agency or political subdivision thereof.

     

    “Reserve Fund” means a securities account (within the meaning of Section 8-501 of the UCC) in the name “U.S. Bank National Association, as Indenture Trustee, BMW Vehicle Lease Trust
      2022-1” established with the Securities Intermediary pursuant to the Indenture, together with any successor accounts established pursuant to the Indenture.

     

    “Secured Obligations” means the payments required to be made to Securityholders pursuant to Section 8.04 and Article V of the Indenture.

     

    “Secured Party” has the meaning set forth in the Preamble.

     

    “Security Entitlement” means the rights and property interest of an Entitlement Holder with respect to a financial asset, as specified in Part 5 of Article 8 of the UCC.

     

    “UCC” means the Uniform Commercial Code as in effect in the State of New York on the date hereof.

     

      

    Section 1.02.  Incorporation of UCC by Reference.  Except as otherwise specified herein or as the context may otherwise require, all terms used
        in this Agreement not otherwise defined herein which are defined in the UCC shall have the meanings assigned to them in the UCC.

     

      

    ARTICLE TWO

     

    ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS

     

    Section 2.01.  Establishment of the Accounts.  The Securities Intermediary hereby confirms that (i) the Accounts have been established with the Securities
        Intermediary, (ii) each Account is an account to which financial assets are or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the Secured Party as entitled to exercise the
        rights that comprise any financial asset credited to an Account, (iv) all property delivered to the Securities Intermediary by or on behalf of the Secured Party or

    
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    the Issuer for deposit to an Account will promptly be credited to such Account and (v) all securities or other property underlying any financial assets credited to an Account shall be registered in the name
      of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any financial asset credited to an Account be
      registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank.

     

    Section 2.02.  “Financial Assets” Election.  The Securities Intermediary hereby agrees that each item of property (whether investment property, financial
        asset, security, instrument or cash) credited to the Accounts shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC.

     

        

    Section 2.03.  Entitlement Orders.  If at any time the Securities Intermediary shall receive any Entitlement Order from the Secured Party with respect to an Account,
        the Securities Intermediary shall comply with such Entitlement Order without further consent by the Issuer or any other Person.  If at any time the Secured Party notifies the Securities Intermediary in writing that the lien of the Indenture has
        been released, the Securities Intermediary shall thereafter comply with Entitlement Orders with respect to such Account from the Issuer without further consent by the Issuer or any other Person.

     

        

    Section 2.04.  Subordination of Lien; Waiver of Set-Off.  In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a
        security interest in the Accounts or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interests of the Secured Party and the Issuer.  The financial
        assets and other items deposited to an Account will not be subject to deduction, set-off, banker’s lien or any other right in favor of any Person or entity other than the Secured Party and, subject to the provisions hereof, the Issuer (except that
        the Securities Intermediary may set off against amounts on deposit in such Account (i) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of such Account, and (ii) the face amount of any
        checks which have been credited to such Account but are subsequently returned unpaid because of uncollected or insufficient funds).

     

    Section 2.05.  Notice of Adverse Claims.  Except for the claims and interests of the Issuer and the Secured Party in the Accounts, the Securities
        Intermediary does not know of any claim to, or interest in, the Accounts or in any financial asset credited thereto.  If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment,
        execution or similar process) against an Account or in any financial asset carried therein, the Securities Intermediary will promptly notify the Secured Party and the Issuer thereof.

    
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    ARTICLE THREE

     

    REPRESENTATIONS, WARRANTIES AND COVENANTS

      OF THE SECURITIES INTERMEDIARY

     

    Section 3.01.  Representations, Warranties and Covenants of the Securities Intermediary.  The Securities Intermediary hereby represents and warrants to the
        Secured Party and the Issuer, and covenants that:(a)Each Account has been established as set forth in Section 2.01 and each Account will be maintained in the manner set forth herein until termination of this
        Agreement.  The Securities Intermediary shall not change the name or account number of any Account without the prior written consent of the Secured Party.  The Securities Intermediary is acting hereunder in the capacity of a “securities
        intermediary” within the meaning of Section 8-102(a)(14) of the UCC.

     

    (b) No financial asset carried in an Account is or will be registered in the name of the Issuer, payable to the order of the Issuer, or specially endorsed to the Issuer, except to the extent that such financial
        asset has been endorsed to the Securities Intermediary or in blank.

     

    (c) This Agreement is the valid and legally binding obligation of the Securities Intermediary.

     

    (d) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement Orders of any Person
        other than the Secured Party or the Issuer, in each case to the extent provided in Section 2.03, with respect to the Accounts.

     

    (e) The Securities Intermediary has not entered into any other agreement with the Secured Party or the Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with
        Entitlement Orders as set forth in Section 2.03.

     

    (f) The Securities Intermediary has at the time of this Agreement and shall continuously maintain have a place of business in the United States at which any of the activities of the Securities Intermediary are
        carried on and which (i) alone or together with other offices of the Securities Intermediary or with other persons acting for the Securities Intermediary in the United States or another nation (A) effects or monitors entries to securities accounts,
        (B) administers payments or corporate actions relating to securities held with the Securities Intermediary or such other persons, or (C) is otherwise engaged in a business or other regular activity of maintaining securities accounts; or (ii)  is
        identified by an account number, bank code, or other specific means of identification as maintaining securities accounts in the United States.

     

    
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    ARTICLE FOUR

     

    MISCELLANEOUS

     

    Section 4.01.  Choice of Law.  This Agreement and the Accounts shall be governed by the laws of the State of New York.  Regardless of any provision in any
        other agreement, for purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Accounts (as well as the Security Entitlements related thereto) shall be governed by the laws of the State of New York, and
        the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention.  The parties will not agree to any amendment to this Agreement or the Indenture to change the governing law to any law other than
        the laws of the State of New York.

     

        

    Section 4.02.  Conflict with other Agreements.  There are no agreements (other than this Agreement and the Indenture) entered into between the Securities Intermediary in such
        capacity and the Issuer with respect to the Accounts.  In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail.

     

        

    Section 4.03.  Amendments.  No amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is
        signed by all of the parties hereto.

     

        

    Section 4.04.  Successors.  The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors.

     

        

    Section 4.05.  Notices.  All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at
        or mailed by registered mail, return receipt requested, to, in the case of (i) the Issuer, at c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, Attention: Corporate Trust
        Administration, with a copy to BMW Financial Services NA, LLC, as Administrator, at 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, Attention: General Counsel; (ii) the Indenture Trustee and the Secured Party, at 190 South LaSalle Street, 7th
        Floor, Chicago, Illinois 60603, Attention: Global Structured Finance/BMW Vehicle Lease Trust 2022-1; and (iii) the Securities Intermediary, at 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Global Structured Finance/BMW
        Vehicle Lease Trust 2022-1; or as to any of such parties, at such other address as shall be designated by such party in a written notice to the other parties.

     

        

    Section 4.06.  Termination.  The rights and powers granted herein to the Secured Party have been granted in order to perfect its security interest in the Accounts,
        are powers coupled with an interest and will neither be affected by the bankruptcy of the Issuer or the lapse of time.  The obligations of the Securities Intermediary hereunder shall continue in effect with respect to the Accounts until the Secured
        Party has notified the Securities Intermediary in writing that its security interests under the Indenture have been terminated.

    
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    Section 4.07.  Counterparts.  This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same
        instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and
        that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility to the fullest extent permitted by law.

    

     

        

    Section 4.08.  Limitation of Liability of Owner Trustee.  The parties hereto are put on notice and hereby acknowledge and agree that (a) this Agreement is executed
        and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings
        and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer,
        (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuer, all such liability,
        if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations
        and warranties made by the Issuer in this Agreement and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
        failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

     

        

    Section 4.09.  Communications with Rating Agencies.   If the Securities Intermediary shall receive any written or oral communication from any Rating Agency (or any of their
        respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes, such party agrees to refrain from communicating with such Rating Agency and to
        promptly (and, in any event, within one Business Day) notify the Administrator of such communication.  Each of the Indenture Trustee and the Securities Intermediary agree to act at the direction of the Administrator with respect to any
        communication to a Rating Agency and further agree that in no event shall such party engage in any oral communication with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes with any
        Rating Agency (or any of their respective officers, directors or employees) without the participation of the Administrator.

     

      

    [SIGNATURE PAGE FOLLOWS]

     

    

    

     

    

    

     

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

     

    	 	
            BMW VEHICLE LEASE TRUST 2022-1,

          
	 	
            as Issuer

          
	 	 	 
	 	
            By:  

          	
            Wilmington Trust, National Association, not in its

          
	 	 	
            individual capacity but solely as Owner Trustee

          
	 	 	 
	 	
            By:

          	
                                                                               

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	
            and as Secured Party

          
	 	 	 
	 	
            By:

          	
                                                                               

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            as Securities Intermediary

          
	 	 	 
	 	
            By:

          	
                                                                               

          
	 	 	
            Name:

          
	 	 	
            Title:Document

EXHIBIT 10.1

FIRST AMENDMENT TO 
LOAN AND SECURITY AGREEMENT
This First Amendment to Loan and Security Agreement (this “First Amendment”) is made this 7th day of January, 2022, by and among RNGR ENERGY SERVICES, LLC, a Delaware limited liability company (“Services”), RANGER ENERGY SERVICES, LLC, a Delaware limited liability company (“Ranger”), TORRENT ENERGY SERVICES, LLC, a Delaware limited liability company (“Torrent”), RANGER ENERGY LEASING, LLC, a Delaware limited liability company (“Leasing”), RANGER ENERGY PROPERTIES, LLC, a Delaware limited liability company (“Ranger Properties”), ACADEMY OILFIELD RENTALS, LLC, a Delaware limited liability company (“Academy”), RANGER ENERGY EQUIPMENT, LLC, a Delaware limited liability company (“Ranger Equipment”), BRAVO WIRELINE, LLC a Delaware limited liability company (“Bravo”), PATRIOT COMPLETION SOLUTIONS LLC, a Delaware limited liability company (“Patriot”), RANGER ENERGY ACQUISITION, LLC a Delaware limited liability company (“Basic Energy AcquisitionCo”), together with Services, Ranger, Torrent, Leasing, Properties, Academy, Equipment, Bravo and Patriot, each a “Borrower”, and together with any other Borrower party thereto from time to time, collectively, the “Borrowers”), and RANGER ENERGY SERVICES, INC., a Delaware Corporation (“Parent”), and together with any other Guarantor party thereto from time to time (each a “Guarantor” and collectively, the “Guarantors”; the Borrowers and Guarantors are referred to herein as, collectively, jointly and severally, the “Loan Parties” and each a “Loan Party”), the Lenders party hereto and ECLIPSE BUSINESS CAPITAL LLC, as agent for the Lenders (in such capacity, the "Agent").
BACKGROUND
A.The Loan Parties, Lenders and the Agent entered into that certain Loan and Security Agreement dated as of September 27, 2021 (the “Existing Loan Agreement”; as amended by this First Amendment and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) to reflect certain financing arrangements between the parties thereto.  
B.In accordance with Section 2.1(e) of the Existing Loan Agreement, the Borrowers have requested that the Lenders increase the Revolving Loan Commitments in an amount of $15,000,000 and Eclipse Business Capital SPV, LLC has agreed to increase its Revolving Loan Commitments by an amount of $15,000,000, subject to the terms and conditions contained herein.
C.The Loan Parties have asked the Required Lenders to amend the Loan Agreement as set forth herein and the Required Lenders have agreed to make certain amendments to the Loan Agreement subject to the terms and conditions contained herein.
NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made a part hereof, the parties hereto, intending to be legally bound, promise and agree as follows:
1.Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the meanings attributed thereto in the Loan Agreement.
2.Revolving Loan Commitments Increase. Pursuant to Section 2.1(e) of the Existing Loan Agreement, the Borrowers have requested an increase in the Revolving Loan Commitments in the amount of $15,000,000. Subject to the terms and conditions contained herein and in Section 2.1(e) of the Existing 
10628940

Loan Agreement, Eclipse Business Capital SPV, LLC has agreed to increase its Revolving Loan Commitments in an amount of $15,000,000 in order to satisfy the Borrowers’ request in full.
3.Amendments to Loan Agreement. The Existing Loan Agreement (excluding the schedules and exhibits thereto, unless otherwise amended hereby, which shall remain in full force and effect) is hereby amended as set forth in Annex A attached hereto
4.Representations and Warranties.  Each Loan Party hereby:
(a)after giving effect to this First Amendment reaffirms all representations and warranties made to the Lenders and the Agent under the Loan Agreement and all of the other Loan Documents and represents and warrants that after giving effect to this First Amendment all such representations and warranties are true and correct in all material respects (except where such representation or warranty is already qualified by Material Adverse Effect, materiality or similar qualifications, in which case such representation and warranty shall be accurate in all respects) on and as of the date hereof (or, to the extent any representations or warranties are expressly made solely as of an earlier date, such representations and warranties are true and correct in all material respects (except where such representation or warranty is already qualified by Material Adverse Effect, materiality or similar qualified which such representation or warranty shall be accurate in all respects) as of such earlier date), both before and after giving effect hereto;
(b)as of the date hereof, reaffirms all covenants contained in the Loan Agreement and all of the other Loan Documents and covenants to comply with all such covenants until the Termination Date; and
(c)as of the date hereof, represents and warrants that:
(i)no Default or Event of Default has occurred and is continuing under the Loan Agreement or any of the other Loan Documents;
(ii)such Loan Party has all requisite power and authority to execute and deliver, and to perform all of its obligations under, this First Amendment;
(iii)the execution, delivery and performance by such Loan Party of this First Amendment has been duly and validly authorized and do not violate such Loan Party's Governing Documents or any law or any material agreement or instrument or any court order which is binding upon such Loan Party or its property, do not constitute grounds for acceleration of any Indebtedness or obligation under any material agreement or instrument which is binding upon such Loan Party or its property, and do not require the consent of any Person; 
(iv)this First Amendment has been duly executed and delivered by, and is enforceable against, each of the Loan Parties party hereto, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles; and
(v)no Loan Party is required to obtain any government approval, consent, or authorization from, or to file any declaration or statement with, any Governmental Authority in connection with or as a condition to the execution, delivery or performance of this First Amendment.
5.Conditions Precedent. This First Amendment shall not be effective until each of the following conditions precedent have been fulfilled to the satisfaction of, or waived by, the Agent and the Lenders:
(a)the Agent shall have received duly executed copies of the below listed documents, each upon terms and conditions acceptable to the Agent and the Lenders: 
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(i)the First Amendment; and
(ii)the Amended and Restated Revolving Note;
(b)the representations and warranties set forth in Section 4 above shall be true and correct; 
(c)immediately after giving effect to this First Amendment, no Default or Event of Default shall have occurred and be continuing;
(d)the conditions set forth in Section 4.2 of the Existing Loan Agreement are satisfied;
(e)Borrowers shall have paid Agent the Accordion Fee (as defined in the Agent Fee Letter) specified in the Agent Fee Letter; and
(f)the Borrower Representative shall have delivered to Agent a certificate of each Loan Party signed by an authorized officer of such Loan Party (A) certifying and attaching the resolution adopted by such Loan Party approving or consenting to the Increase and (B) in the case of each Borrower, certifying that, before and after giving effect to such Increase set forth in Section 2 above, (1) the representations and warranties contained in Section 4 above and the other Loan Documents are true and correct, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (2) no Default or Event of Default exists and (3) Borrowers are in compliance (on a pro forma basis) with the covenants contained in Section 9 of the Existing Loan Agreement.
6.Reaffirmation of Loan Documents; No Novation. Each Loan Party, as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party and (ii) to the extent such Loan Party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed any Obligations, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of such Obligations as amended hereby. Each Loan Party acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed.  The execution of this First Amendment shall not serve to effect a novation of any Indebtedness under the Loan Documents or any other Obligations.
7.No Modification. Except as expressly set forth herein, nothing contained in this First Amendment shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any other Loan Document or constitute a course of conduct or dealing among the parties.  Except as expressly stated herein, the Agent reserves all rights, privileges and remedies under the Loan Documents. Except as amended or consented to hereby, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect.  All references in the Loan Documents to the Loan Agreement shall be deemed to be references to the Loan Agreement as modified hereby.
8.Release of Claims. In consideration of the Agent’s agreements contained in this First Amendment, each Loan Party hereby irrevocably releases and forever discharges the Agent and its affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any and all claims, suits, actions, investigations or proceedings, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Loan Party ever had or now has against the Agent or any other Released Person which relates, directly or indirectly, to any acts or omissions of the Agent or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 
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9.Miscellaneous.
(a)Headings; Construction. Section and subsection headings are used in this First Amendment only for convenience and do not affect the meanings of the provisions that they precede.
(b)Modifications. No modification hereof or of any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought.
(c)Governing Law; Loan Document. THIS FIRST AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.  FURTHER, THE LAW OF THE STATE OF NEW YORK SHALL APPLY TO ALL DISPUTES OR CONTROVERSIES ARISING OUT OF OR CONNECTED TO OR WITH THIS FIRST AMENDMENT WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.  This First Amendment is a Loan Document and is subject to and has the benefit of all the provisions in the Loan Agreement applicable to Loan Documents.
(d)Counterparts; Fax/Email Signatures. This First Amendment may be executed in any number of counterparts, all of which shall constitute one and the same agreement.  This First Amendment may be executed by signatures delivered by facsimile or electronic mail, each of which shall be fully binding on the signing party.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed and delivered by their duly authorized officers as of the date first above written.
                        Agent:
                        ECLIPSE BUSINESS CAPITAL LLC 
                        
                        By: ________________________________
                        Name: 
                        Its:      Authorized Signatory
                        Lender:
                        ECLIPSE BUSINESS CAPITAL SPV, LLC
                        
                            
                        By: ________________________________
                        Name: 
                        Its:      Authorized Signatory
			
	

	

[Signature Page to First Amendment]

RANGER ENERGY SERVICES, INC.

By:    
Name:  
Title:  

RNGR ENERGY SERVICES, LLC

By:    
Name:  
Title:  

TORRENT ENERGY SERVICES, LLC

By:    
Name:  
Title:  

RANGER ENERGY SERVICES, LLC

By:    
Name:  
Title:  

ACADEMY OILFIELD RENTALS, LLC

By:    
Name:  
Title:  

RANGER ENERGY LEASING, LLC

By:    
Name:  
Title:  

[Signature Page to First Amendment]

RANGER ENERGY PROPERTIES, LLC

By:    
Name:  
Title:  

RANGER ENERGY EQUIPMENT, LLC

By:    
Name:  
Title:  

PATRIOT COMPLETION SOLUTIONS LLC

By:    
Name:  
Title:  

BRAVO WIRELINE, LLC

By:    
Name:  
Title:  

RANGER ENERGY ACQUISITION, LLC

By:    
Name:  
Title:  

[Signature Page to First Amendment]

Annex A
See attached.

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