Document:

Second Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This SECOND
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated effective as of June 3, 2011, is entered into by and among CONSTELLATION ENERGY PARTNERS LLC, a Delaware limited liability company (the
“Borrower”), and the Lenders signatory hereto (the “Lenders”), and THE ROYAL BANK OF SCOTLAND plc, as Administrative Agent (the “Administrative Agent”). 

RECITALS 

WHEREAS, the Borrower, the Lenders and The Royal Bank of Scotland plc, as Administrative Agent and a Lender, are party to that certain
Amended and Restated Credit Agreement dated as of November 13, 2009, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of February 11, 2010 (such Amended and Restated Credit Agreement, as the same
may from time to time be amended, modified, supplemented or restated, herein called the “Credit Agreement”). Terms used and not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit
Agreement, and the provisions of Section 1.03 of the Credit Agreement are incorporated herein by reference; and 
 WHEREAS,
the Borrower and the Lenders have agreed, subject to the terms and conditions hereinafter set forth, to amend the Credit Agreement as set forth below. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows: 
 SECTION 1. Amendments to the Credit Agreement. 

(a) The Credit Agreement is hereby amended by deleting the following definitions in Section 1.02 of the Credit Agreement in their
entirety and substituting the following in place thereof: 
 ““Debt” means, for any
Person, the sum of the following (without duplication): (a) all obligations of such Person for borrowed money or evidenced by bonds, bankers’ acceptances, debentures, notes or other similar instruments; (b) all obligations of such
Person (whether contingent or otherwise) in respect of letters of credit, surety or other bonds and similar instruments; (c) all accounts payable, accrued expenses, liabilities or other obligations of such Person, in each such case to pay the
deferred purchase price of Property or services; (d) all obligations under Capital Leases; (e) all obligations under Synthetic Leases; (f) all Debt (as defined in the other clauses of this definition) of others secured by (or for
which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) a Lien on any Property of such Person, whether or not such Debt is assumed by such Person; (g) all Debt (as defined in the other clauses of this
definition) of others guaranteed by such Person or in which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made) to the extent of the lesser of the amount of such Debt and the maximum stated
amount of such guarantee or assurance against loss; (h) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others or to purchase the Debt or Property of others;
(i) obligations to deliver commodities, goods or services, including, without limitation, Hydrocarbons, in consideration of one or more advance payments, other than gas balancing arrangements in the ordinary course of business;
(j) obligations to pay for goods or services whether or not such goods or services are actually received or utilized by such Person; (k) any Debt of a partnership for which such Person is liable either by agreement, by operation of

  
 Second Amendment
– Page 1 

 
law or by a Governmental Requirement but only to the extent of such liability; (l) Disqualified Capital Stock; and (m) the undischarged balance of any production payment created by such
Person or for the creation of which such Person directly or indirectly received payment; provided however, Debt shall exclude all obligations under Swap Agreements. The Debt of any Person shall include all obligations of such Person of the
character described above to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is not included as a liability of such Person under GAAP. 

“Maturity Date” means the earlier to occur of (a) November 13, 2013, or (b) the
date that the Loan Commitments are sooner terminated pursuant to Sections 2.06 or 10.02. 
 “Swap Counterparty” means, as applicable, any Person that (a) was a party to a Swap Agreement with the Borrower or any of its Subsidiaries at the time it became a Lender under
the Credit Agreement, or (b) was a Lender (or Affiliate of a Lender) at the time it became a party to a Swap Agreement with the Borrower or any of its Subsidiaries.” 
 (b) Section 12.14 of the Credit Agreement is hereby amended by deleting such section in its entirety and substituting the following in place thereof: 

“Section 12.14 Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the
provisions of this Agreement relating to any collateral securing the Obligations shall also extend to and be available to Swap Counterparties to any Swap Agreement with the Borrower or any of its Subsidiaries on a pro rata basis in respect of any
obligations of the Borrower or any of its Subsidiaries which arise under any such Swap Agreements. No Swap Counterparty shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap
Agreements.” 
 SECTION 2. Representations and Warranties. The Borrower represents and warrants as follows:

 (a) The Borrower is duly authorized and empowered to execute, deliver and perform this Amendment and all other instruments
referred to or mentioned herein to which it is a party, and all action on its part requisite for the due execution, delivery and the performance of this Amendment has been duly and effectively taken. 

(b) After giving effect to this Amendment, the representations and warranties contained in the Credit Agreement, as amended hereby, and
any other Loan Documents executed in connection herewith or therewith are true in all material respects on and as of the date hereof as though made on and as of the date hereof, except to the extent that such representation or warranty was made as
of a specific date, in which case such representation or warranty was true in all material respects when made. 
 (c) After
giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default. 
 (d) When this Amendment
is duly executed and delivered, the Credit Agreement as amended by this Amendment will be legal and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or similar
laws of general application relating to the enforcement of creditors’ rights and by equitable principles of general application. 
 SECTION 3. Conditions to Effectiveness. This Amendment shall become effective when, and only when, the Administrative Agent shall have received: 

(a) counterparts of this Amendment duly executed and delivered on behalf of the Borrower and all Lenders; 

  
 Second Amendment
– Page 2 

 (b) a Secretary’s Certificate of the Borrower, including resolutions authorizing the
execution, delivery and performance of this Amendment and any other documents signed in connection therewith, and the Borrower’s articles of formation, evidence of existence and good standing, and incumbency certificate, all in form and
substance satisfactory to the Administrative Agent; 
 (c) the Ratification and Affirmation of Guarantors duly executed and
delivered on behalf of the Guarantors; and 
 (d) such other documents, instruments and agreements as the Administrative Agent
reasonably deems necessary, in form and substance reasonably satisfactory to the Administrative Agent. 
 SECTION 4.
Reference to and Effect on Loan Documents. 
 (a) On and after the effective date of this Amendment, each reference in
the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or any other expression of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the
Credit Agreement,” “thereunder,” “thereof,” “therein” or any other expression of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by this Amendment.

 (b) Except as specifically amended above, the Credit Agreement and the other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed. Without limiting the generality of the foregoing, the Security Instruments and all of the Collateral described therein do and shall continue to secure the payment of all obligations stated to be secured
thereby under the Credit Agreement, as amended hereby, and the other Loan Documents. 
 (c) The execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lenders under any of the Loan Documents or constitute a waiver of any provision of any of the Loan Documents. 

SECTION 5. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

SECTION 6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF. 
 SECTION 7. Costs and Expenses. The Borrower agrees to pay
on demand all out of pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including
reasonable legal fees and expenses for counsel for the Administrative Agent 
 [Signature pages follow]

  
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– Page 3 

 The parties hereto have caused this Amendment to be executed by their respective duly
authorized representatives as of the date first written above. 
  

									
		 		 	CONSTELLATION ENERGY PARTNERS LLC
				
		 		 	By:	 	 /s/ Charles C. Ward

		 		 		 	Charles C. Ward, Chief Financial Officer and Treasurer
			
	 26.829268% of Outstanding Principal
 Amount of the Loans
	 		 	THE ROYAL BANK OF SCOTLAND plc, as Administrative Agent and as a Lender
				
		 		 	By:	 	RBS Securities Inc., as Agent,
					
		 		 		 	By:	 	 /s/ Sandra Aultman

		 		 		 		 	Sandra Aultman, Director
			
	 21.951220% of Outstanding Principal
 Amount of the Loans
	 		 	THE BANK OF NOVA SCOTIA, as a Lender
		 		 	By:	 	 /s/ John Frazell

		 		 		 	Name:	 	John Frazell
		 		 		 	Title:	 	Director
			
	 21.951220% of Outstanding Principal
 Amount of the Loans
	 		 	BNP PARIBAS, as a Lender
				
		 		 	By:	 	 /s/ Richard Hawthorne

		 		 		 	 Name:
	 	Richard Hawthorne
		 		 		 	Title:	 	Director
				
		 		 	By:	 	 /s/ Juan Carlos Sandoval

		 		 		 	 Name:
	 	Juan Carlos Sandoval
		 		 		 	Title:	 	Director
			
	 14.634146% of Outstanding Principal
 Amount of the Loans
	 		 	ING Capital LLC, as a Lender
		 		 	By:	 	 /s/ Juli Bieser

		 		 		 	 Name:
	 	Juli Bieser
		 		 		 	Title:	 	Director
			
	 14.634146% of Outstanding Principal
 Amount of the Loans
	 		 	SOCIÉTÉ GÉNÉRALE, as a Lender
				
		 		 	By:	 	 /s/ Stephen W. Warfel

		 		 		 	 Name:
	 	Stephen W. Warfel
		 		 		 	Title:	 	Managing Director

  
 Second Amendment
– Signature PageFirst Supplemental Indenture

  
 Exhibit 10.1 
 BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC 

and 

BLACK ELK ENERGY FINANCE CORP., 
 as Issuers, 
 BLACK ELK ENERGY LAND OPERATIONS, LLC, 

as Guarantor 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of May 31, 2011 

 
  

13.75 % SENIOR SECURED NOTES DUE 2015 

 
  

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee and Collateral Agent 
  

 

 This FIRST SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of May 31, 2011 is among Black Elk Energy Offshore Operations, LLC, a Texas limited liability company (the “Company”), Black Elk Energy Finance Corp., a Texas corporation (the
“Co-Issuer,” and together with the Company, the “Issuers”), Black Elk Energy Land Operations, LLC, a Texas limited liability company (the “Guarantor”), and The Bank of New York Mellon Trust Company,
N.A., as Trustee and Collateral Agent (“Trustee”). 
 RECITALS 

WHEREAS, the Issuers, the Guarantor and the Trustee entered into an Indenture, dated as of November 23, 2010 (the
“Indenture”), pursuant to which the Issuers have issued $150,000,000 in aggregate principal amount of 13.75% Senior Secured Notes due 2015 (the “Notes”); 

WHEREAS, Section 9.02 of the Indenture provides that, with the consent of the Holders of a majority in aggregate
principal amount of the Notes then outstanding, the Issuers, the Guarantor and the Trustee may amend or supplement the Indenture; 
 WHEREAS, pursuant to a consent solicitation (the “Consent Solicitation”) effected by means of a Consent Solicitation Statement dated May 24, 2011, (the “Consent Solicitation
Statement”), the Holders of 99.33% of the aggregate principal amount of the outstanding Notes have validly consented to the adoption of the amendments set forth herein; and 

WHEREAS, the Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect
that the execution of this Supplemental Indenture is authorized or permitted under the Indenture and that all conditions precedent provided for in the Indenture to the execution and delivery of this Supplemental Indenture have been complied with;
and 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the Articles of Incorporation and
the Bylaws (or comparable constituent documents) of the Issuers and of the Guarantor necessary to make this Supplemental Indenture a valid instrument legally binding on the Issuers and the Guarantor, in accordance with its terms, have been duly done
and performed; 
 NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the
above premises, the Issuers, the Guarantor and the Trustee agree for the equal and proportionate benefit of the respective Holders of the Notes as follows: 
 ARTICLE 1 
 Section 1.01. This Supplemental
Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 1.02. This Supplemental Indenture shall become effective immediately upon its execution and delivery
by each of the Issuers, the Guarantor and the Trustee. 

  
 1 

 ARTICLE 2 

Section 2.01. Section 1.01 of the Indenture is hereby amended to include the following definitions in
the correct alphabetical order: 
 “Project Moose Acquisition” means that
certain acquisition of interests in various oil and gas properties in the U.S. Gulf of Mexico pursuant to that certain definitive agreement dated as of March 17, 2011, by and among the Company and the sellers party thereto, for an aggregate
purchase price of approximately $40 million in cash plus the assumption of $170 million of asset retirement obligations, subject to customary adjustments for a transaction of that type. 

“Sponsor Preferred Stock” means those shares of preferred stock with an aggregate
liquidation preference of $30 million, issued by the Company to PPVA, and including any additional shares of preferred stock issued by way of a dividend; such shares shall accrue dividends payable in kind at a rate per annum of 24%. 

Section 2.02. The definition of “Excess Cash Flow Offer Amount” in Section 1.01 of the
Indenture is hereby amended to read as follows: 
 “Excess Cash Flow Offer
Amount” means, with respect to any period (A) 50% of Excess Cash Flow for such period minus (B) $2.5 million 
 Section 2.03. Clauses (a) and (b) of Section 4.06 “Excess Cash Flow Offer” are hereby amended to read as follows: 

(a) Within 90 days after the end of each second and fourth fiscal quarter of the Company, commencing at
the end of the fourth quarter of 2011, for which the Excess Cash Flow for such prior six month period exceeds $2.5 million, to the extent permitted by its Credit Facilities the Company will offer to purchase Notes for cash in an aggregate amount
equal to the Excess Cash Flow Offer Amount (the “Excess Cash Flow Offer”) at an offer price equal to 103% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, to
the date of purchase (the “Excess Cash Flow Offer Payment”). If the aggregate principal amount of Notes tendered into such Excess Cash Flow Offer exceeds the Excess Cash Flow Offer Amount, the Trustee will select the Notes to be
purchased on a pro rata basis, by lot or by such other method as the Trustee deems fair and appropriate. 
 (b) Within 90 days following the end of each fiscal quarter referred to in Section 4.06(a) with respect to which an Excess Cash Offer is to be made, the Company will mail a notice to each holder and
the Trustee offering to repurchase Notes as of the date specified in the notice (the “Excess Cash Flow Offer Purchase Date”), which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed.
Such notice shall state: 

  
 2 

 Section 2.04. Clause (b) of Section 4.07(a)(3)
“Excess Cash Flow Offer” is hereby amended to read as follows: 
 (b) 100% of the
aggregate net cash proceeds received by the Company (including the fair market value of any Additional Assets (measured as of the date of the definitive agreement with respect to such Additional Assets) to the extent acquired in consideration of
Equity Interests of the Company (other than Disqualified Stock and Sponsor Preferred Stock)) since the Issue Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified
Stock and Sponsor Preferred Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other
than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company), plus 

Section 2.05. Section 4.21 “Maximum Capital Expenditures” is hereby amended to read as
follows: 
 The Company and its Restricted Subsidiaries will not allow their aggregate capital
expenditures to exceed (i) $60.0 million for the fiscal year ending December 31, 2011 and (ii) 30% of Consolidated EBITDAX for any fiscal year thereafter; provided that, all capital expenditures in an aggregate amount not to exceed
$210 million (including $40 million in cash and the assumption of $170 million of asset retirement obligations) relating, directly or indirectly, to the Project Moose Acquisition shall not be deemed a capital expenditure and will not be included for
purposes of determining compliance with this Section 4.21; and provided further that, the difference between the Company’s and its Restricted Subsidiaries’ permitted capital expenditures for any fiscal year and their actual capital
expenditures for such fiscal year, if positive, shall be available for use for capital expenditures in the subsequent fiscal year without regard to the preceding restriction. The Company shall certify its compliance with this Section 4.21 in
the Officers’ Certificate delivered to the Trustee in accordance with Section 4.04(a) hereof following the completion of each fiscal year. 
 Section 2.06. The following covenant shall be added as Section 4.23 “Retirement of Sponsor Preferred Stock” of the Indenture: 

Section 4.23. Retirement of Sponsor Preferred Stock. 

Within 180 days after the end of each second and fourth fiscal quarter of the Company, commencing with the
fourth quarter of 2011 and continuing through the fourth quarter of 2013, after compliance with its obligations under Section 4.06 of this Indenture to purchase any Notes from the Excess Cash Flow Offer Amount generated during the preceding six
month period and provided that Section 4.06 would require an offer to be made for such period and the Company has made such offer, the Company may, to the extent permitted by its Credit Facilities, purchase or otherwise retire any Sponsor
Preferred Stock in an 

  
 3 

 
aggregate amount up to such Excess Cash Flow Offer Amount, provided that no more than $5.0 million may be expended for such purpose in either of the years ending December 31, 2012 and 2013.
Within 180 days after the end of each second and fourth fiscal quarter of the Company, commencing with the fourth quarter of 2013, after compliance with its obligations under Section 4.06 of this Indenture to purchase any Notes from the Excess
Cash Flow Offer Amount generated during the preceding six month period and provided that Section 4.06 would require an offer to be made for such period and the Company has made such offer, the Company may, to the extent permitted by its Credit
Facilities, repurchase or otherwise retire any Sponsor Preferred Stock in an aggregate amount up to such Excess Cash Flow Offer Amount. Notwithstanding the foregoing but subject to the terms of the Credit Facilities, the Company may at any time
following an initial public offering of the Capital Stock of the Company (or any parent holding company) that does not result in a Change of Control, repurchase or otherwise retire any Sponsor Preferred Stock in cash with the net proceeds received
by the Company from such initial public offering, provided that no more than the total amount of net proceeds received by the Company from such initial public offering may be expended for such purpose. Except as provided in this Section, neither the
Company nor any of its Subsidiaries shall make any payments on the Sponsor Preferred Stock. 
 ARTICLE 3 

Section 3.01. The Issuers hereby represent and warrant to the Trustee that the Trustee is authorized to enter
into such other amendments to the Security Agreement, the Debt Documents, and any other applicable documents as shall be necessary to effectuate this Supplemental Indenture, as the Trustee shall from time to time be directed by the Issuers.

 Section 3.02. Except as specifically modified herein, the Indenture and the Notes are in all
respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in
the Indenture. 
 Section 3.03. Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions
set forth in the Indenture, including, without limitation, the Trustee’s rights under Article 7 thereof, with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with
respect hereto. The recitals contained herein shall be taken as the statements of the Issuers and the Guarantor, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency
of this Supplemental Indenture. 
 Section 3.04. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 4 

 Section 3.05. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 
 [Signature page follows.] 

  
 5 

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

			
	Black Elk Energy Offshore Operations, LLC, as an Issuer
		
	By:	 	 /s/ James Hagemeier

		 	James Hagemeier
		 	Vice President
	
	 Black Elk Energy Finance Corp.,
 as Co-Issuer

		
	By:	 	 /s/ James Hagemeier

		 	James Hagemeier
		 	Vice President
	
	 Black Elk Energy Land Operations, LLC,
 as Guarantor

		
	By:	 	 /s/ James Hagemeier

		 	James Hagemeier
		 	Vice President
	
	The Bank of New York Mellon Trust Company, N.A., as Trustee and Collateral Agent
		
	By:	 	 /s/ Marcella Burgess

		 	Name: Marcella Burgess
		 	Title: Vice President

 Signature Page
to Supplemental Indenture

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