Document:

EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated as of September 23, 2009, is
made by and among SUPERIOR WELL SERVICES, INC., a Delaware corporation (the “Borrower”), EACH OF
THE GUARANTORS (as hereinafter defined), LENDERS (as hereinafter defined), KEYBANK NATIONAL
ASSOCIATION and ROYAL BANK OF CANADA, each in its capacity as Co-Documentation Agent and CITIZENS
BANK OF PENNSYLVANIA, in its capacity as administrative agent for the Lenders under this Agreement
(hereinafter referred to in such capacity as the “Administrative Agent”).

     WHEREAS, the parties hereto are parties to that certain Credit Agreement dated as of September
30, 2008, (the “Credit Agreement”), pursuant to which the Lenders provided a $250,000,000 revolving
credit facility to the Borrower;

     WHEREAS, the Borrower desires to amend the Credit Agreement to modify certain affirmative,
negative and financial covenants, reduce the commitment amount pursuant to Section 2.10 of the
Credit Agreement, eliminate the accordion provision, modify pricing, modify the reporting
requirements, add a borrowing base and make certain other changes as set forth in detail below; and

     WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend the Credit
Agreement as hereinafter provided.

     NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements
hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows:

     1. Definitions.

     Capitalized terms used herein unless otherwise defined herein shall have the meanings ascribed
to them in the Credit Agreement, as amended by this Amendment.

     2. Amendments to Credit Agreement.

     (a) Title Page and Introductory Paragraph. The reference to “$250,000,000” contained
on the title page to the Credit Agreement and in the second introductory paragraph of the Credit
Agreement (which paragraph is immediately prior to Article 1 of the Credit Agreement) shall be
amended and replaced with “$175,000,000, which amount shall be reduced to $125,000,000 on January
1, 2010.”

     (b) Section 1.1 (Certain Definitions).

          (i) The following definition contained in Section 1.1 (Certain Definitions) of the Credit
Agreement shall be amended and restated in its entirety:

     “Revolving Credit Commitment shall mean, as to any Lender at any time, the
applicable amount initially set forth opposite its name on Schedule 1.1(B) in the
columns

 

 

labeled “Amount of Commitment” as such Commitment is thereafter assigned or modified
and Revolving Credit Commitments shall mean the aggregate Commitments of all of the
Lenders.”

          (ii) The following definitions contained in Section 1.1 (Certain Definitions) of the Credit
Agreement shall be deleted:

          “Increasing Lender”

          “New Lender”

          (iii) Section 1.1 [Certain Definitions] of the Credit Agreement is hereby amended to insert
therein, in alphabetical order, the following new definitions:

     “Account shall mean any account, contract right, general intangible, chattel
paper, instrument or document representing any right to payment for goods sold or services
rendered, whether or not earned by performance and whether or not evidenced by a contract,
instrument or document, which is now owned or hereafter acquired by a Loan Party. All
Accounts, whether Qualified Accounts or not, shall be subject to the Lenders’ Prior Security
Interest.”

     “Borrowing Base shall mean at any time the sum of (i) eighty percent (80%) of
Qualified Accounts (“Accounts Portion”), plus (ii) fifty percent (50%) of Qualified
Inventory (“Inventory Portion”), plus (iii) for the period from the First Amendment
Effective Date to and including December 31, 2009, an amount equal to thirty percent (30%)
of the net book value of the Loan Parties’ property, plant and equipment and thereafter, an
amount equal to twenty percent (20%) of the net book value of the Loan Parties’ property,
plant and equipment (such net book value of such property plant and equipment shall be
determined by the Administrative Agent in its reasonable discretion and upon the reasonable
reliance of the with the most recent equipment valuation). Notwithstanding anything to the
contrary herein, the Required Lenders may, in their reasonable business discretion, at any
time hereafter, with five (5) days prior written notice to the Borrower, decrease the
advance percentage for Qualified Accounts, Qualified Inventory or net book values of the
property, plants and equipment, or increase the level of any reserves or ineligibles, or
define or maintain such other reserves or ineligibles, as the Required Lenders may deem
necessary or appropriate. Any such change shall become effective immediately upon written
notice from the Administrative Agent to the Borrower for the purpose of calculating the
Borrowing Base hereunder.”

     “Capital Expenditures shall mean expenditures made or liabilities incurred for
the acquisition of any fixed assets or improvements, replacements, substitutions or
additions thereto which have a useful life of more than one year, which, in accordance with
GAAP, would be classified as capital expenditures.”

     “First Amendment shall mean that certain First Amendment to Credit Agreement,
dated as of September 23, 2009, among the Borrower, the Guarantors, the Lenders and the
Administrative Agent.”

 

 

     “First Amendment Effective Date shall mean the effective date of the First
Amendment, which date is September 23 2009.”

     “Inventory shall mean any and all goods, merchandise and other personal
property, including, without limitation, goods in transit, wheresoever located and whether
now owned or hereafter acquired by any Loan Party which are or may at any time be held as
raw materials, finished goods, work-in-process, supplies or materials used or consumed in
the such Loan Party’s business or held for sale or lease, including, without limitation, (a)
all such property the sale or other disposition of which has given rise to Accounts and
which has been returned to or repossessed or stopped in transit by such Loan Party, and (b)
all packing, shipping and advertising materials relating to all or any such property. All
Inventory, whether Qualified Inventory or not, shall be subject to the Lenders’ Prior
Security Interest.”

     “Qualified Accounts shall mean any Accounts which meet all of the minimum
requirements set forth on Schedule 1.1(Q)(1).”

     “Qualified Inventory shall mean any Inventory which meet all of the minimum
requirements set forth on Schedule 1.1(Q)(2).”

     “Senior Indebtedness for any period of determination shall mean the
Obligations.”

     “Senior Leverage Ratio shall mean the ratio of (i) Senior Indebtedness of
Borrower and its Subsidiaries on such date to (ii) Consolidated EBITDA for the four fiscal
quarters then ending.”

     (c) Article 2 [Revolving Credit and Swing Loan Facilities] of the Credit Agreement is hereby
amended as follows:

          (i) Section 2.1(a)(ii) of the Credit Agreement is hereby amended and restated as follows:

     “(ii) the Revolving Facility Usage plus the outstanding Swing Loans shall not exceed
the lesser of (1) the Revolving Credit Commitments or (2) the Borrowing Base.”

 

 

          (ii) Section 2.1(b) [Swing Loan Commitment] of the Credit Agreement is hereby amended and
restated as follows:

     “(b) Swing Loan Commitment. Subject to the terms and conditions hereof and
relying upon the representations and warranties herein set forth, and in order to facilitate
loans and repayments between Settlement Dates, Citizens Bank may, at its option, cancelable
at any time for any reason whatsoever, make swing loans (the “Swing Loans”) to the Borrower
at any time or from time to time after the date hereof to, but not including, the Expiration
Date, in an aggregate principal amount up to but not in excess of $15,000,000 (the “Swing
Loan Commitment”), provided that the aggregate principal amount of Citizens Bank’s Swing
Loans and the Revolving Credit Loans of all the Lenders at any one time outstanding shall
not exceed the lesser of (1) the Revolving Credit Commitments of all the Lenders or (2) the
Borrowing Base. Within such limits of time and amount and subject to the other provisions
of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section
2.1(c)(ii).”

          (iii) Section 2.9(a)(B) of the Credit Agreement is hereby amended and restated as follows:

     “(B) the Revolving Facility Usage exceed, at any one time, the lesser of (1) the
Revolving Credit Commitments or (2) the Borrowing Base.”

          (iv) Section 2.10 [Reduction of Revolving Credit Commitment] is hereby amended as follows:

               (A) The entire paragraph currently constituting Section 2.10 shall be identified as “2.10 (a)
Voluntary Reduction”;

               (B) The following subsection shall be inserted into Section 2.10 immediately after the end
thereof:

     “(b) Mandatory Reduction. Effective as of the First Amendment Effective Date,
the Revolving Credit Commitments shall be reduced to $175,000,000 and each Lender’s
Revolving Credit Commitment shall be reduced ratably in proportion to such Lender’s Ratable
Share and such reduction shall be accompanied by any necessary prepayment of the Notes,
together with accrued Commitment Fees, and the full amount of interest accrued on the
principal sum to be prepaid, if any (and all amounts referred to in Section 5.10 [Indemnity]
hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving
effect to such prepayments to be equal to or less than the Revolving Credit Commitments as
so reduced. Effective as of January 1, 2010, the Revolving Credit Commitments shall be
further reduced to $125,000,000 and each Lender’s Revolving Credit Commitment shall be
reduced ratably in proportion to such Lender’s Ratable Share and such reduction shall be
accompanied by any necessary prepayment of the Notes, together with accrued Commitment Fees,
and the full amount of interest accrued on the principal sum to be prepaid, if any (and all
amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the
aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or
less

 

 

than the Revolving Credit Commitments as so reduced. Commitment Fees shall be accrued
from and based upon the reduced Revolving Credit Commitments from each of the First
Amendment Effective Date and January 1, 2010, as appropriate.”

          (v) Section 2.11 [Increase in Revolving Credit Commitments] of the Credit Agreement is hereby
deleted in its entirety.

     (d) Article 5 [Payments] of the Credit Agreement is hereby amended so that the existing
Section 5.7 [Intentionally Omitted] is hereby deleted in its entirety and replaced with the
following new Section 5.7:

     “5.7 Borrowing Base Exceeded. Whenever the Revolving Facility Usage exceeds
the Borrowing Base, the Borrower shall make, within three (3) Business Day after the
Borrower learns of such excess and whether or not the Administrative Agent has given notice
to such effect, a mandatory prepayment of principal of the Revolving Credit Loans equal to
the excess of the outstanding principal balance of the Revolving Facility Usage over the
Borrowing Base, together with accrued interest on such principal amount.”

     (e) Article 8 [Covenants] of the Credit Agreement is hereby amended as follows:

          (i) Section 8.1 [Affirmative Covenants] of the Credit Agreement is hereby amended by adding
the following new section 8.1(k) in numeric and alphabetical order:

     “8.1(k) Equity Issuance or Asset Sale. The Loan Parties shall raise a minimum
of $50,000,0000 on or before December 31, 2009 through either (i) asset sales as permitted
under Section 8.2(g)(ix) of this Agreement, (ii) equity issuances of the capital stock of
the Borrower or (iii) any combination of items (i) and (ii). The Loan Parties shall use
100% of the net proceeds of such asset sales and/or equity issuances (after first deducting
or otherwise providing for any taxes and customary costs and expenses associated with such
sale or issuance) to reduce the aggregate amount of Loans outstanding under the Agreement.”

          (ii) Section 8.2 [Negative Covenants] of the Credit Agreement is hereby amended as follows:

               (A) Section 8.2(f) [Liquidations, Mergers, Consolidations, Acquisitions] is hereby amended to
add the following new Section 8.2(f)(ii)(I) in numeric and alphabetical order:

          “(I) such Permitted Acquisition shall not occur prior to March 31, 2011.”

               (B) Section 8.2(g) [Disposition of Assets or Subsidiaries] is hereby amended as follows:

                    (1) Section 8.2(g)(iv) is hereby amended and restated as follows:

 

 

     “(iv) commencing on the Closing Date through the First Amendment Effective Date and
then again on January 1, 2010 through the Expiration Date, any sale, transfer or lease of
assets in any fiscal year in an aggregate amount not to exceed $7,500,000 in any fiscal
year;”

                    (2) Section 8.2(g)(viii) is hereby amended to replace the “.” at the end of such subsection
with “; and”.

                    (3) The following new Section 8.2(g)(ix) is hereby inserted at the end of Section 8.2(g) in
numeric and alphabetical order:

     “(ix) on or before December 31, 2009, the transfer or sale of any assets not otherwise
permitted to be sold or transferred under this Section 8.2(g) with an aggregate net book
less than or equal to $75,000,000; provided that (i) 100% of the net proceeds (after first
deducting or otherwise providing for any taxes and customary costs and expenses associated
with such disposition) shall be used by the Borrower to reduce the aggregate amount of Loans
outstanding under the Agreement, (ii) the Borrower shall provide the Administrative Agent
with at least five (5) Business days notice prior to such disposition and shall promptly
provide the Administrative Agent with any and all information related to such disposition
that the Administrative Agent reasonably requests, and (iii) the Administrative Agent
consents to such disposition of assets, which consent shall not be unreasonably withheld.”

               (C) Section 8.2(n) [Minimum Fixed Charge Coverage Ratio] is hereby amended and restated as
follows:

     “(n) Minimum Fixed Charge Coverage Ratio. Commencing with the fiscal quarter
ending March 31, 2011, the Loan Parties shall not permit the Fixed Charge Coverage Ratio,
calculated as of the end of each fiscal quarter for the most recent four (4) fiscal quarters
then ended, to be less than 1.75 to 1.0. Prior to March 31, 2011, the Loan Parties shall
not be required to maintain a Minimum Fixed Charge Coverage Ratio.”

               (D) Section 8.2(o) [Maximum Leverage Ratio] is hereby amended and restated as follows:

     “(o) Maximum Leverage Ratio. Commencing with the fiscal quarter ending March
31, 2011 through the fiscal quarter ending December 31, 2011 the Loan Parties shall not at
any time permit the Leverage Ratio calculated as of the end of each fiscal quarter for the
fiscal quarter then ending to exceed 5.0 to 1.0 and commencing with the fiscal quarter
ending March 31, 2012 and each fiscal quarter thereafter, the Loan Parties shall not at any
time permit the Leverage Ratio calculated as of the end of each fiscal quarter for the
fiscal quarter then ending to exceed 4.0 to 1.0. Prior to March 31, 2011, the Loan Parties
shall not be required to maintain a Maximum Leverage Coverage Ratio.”

 

 

               (E) The following new Section 8.2(p) [Maximum Senior Leverage Ratio] shall be inserted in
numeric and alphabetical order:

     “(p) Maximum Senior Leverage Ratio. Commencing with the fiscal quarter ending
March 31, 2011, the Loan Parties shall not at any time permit the Senior Leverage Ratio
calculated as of the end of each fiscal quarter for the fiscal quarter then ending to exceed
3.0 to 1.0. Prior to March 31, 2011, the Loan Parties shall not be required to maintain a
Maximum Senior Leverage Coverage Ratio.”

               (F) The following new Section 8.2(q) [Minimum Quarterly EBITDA] shall be inserted in numeric
and alphabetical order:

     “(q) Minimum Quarterly EBITDA. The Loan Parties shall not permit Consolidated
EBITDA, calculated as of the end of each fiscal quarter for the fiscal quarter then ended,
to be less than the amount set forth below:

	 	 	 	 	 
	Period Ending	 	Minimum EBITDA	 
	September 30, 2009
	 	$	1,000,000	 
	 
	 	 	 	 
	December 31, 2009
	 	$	5,000,000	 
	 
	 	 	 	 
	March 31, 2010
	 	$	5,000,000	 
	 
	 	 	 	 
	June 30, 2010
	 	$	6,000,000	 
	 
	 	 	 	 
	September 30, 2010
	 	$	7,500,000	 
	 
	 	 	 	 
	December 31, 2010
	 	$	10,000,000”	 

               (G) The following new Section 8.2(r) [Maximum Capital Expenditures] shall be inserted in
numeric and alphabetical order:

     “(r) Maximum Capital Expenditures. Commencing on the First Amendment Effective
Date through March 31, 2011, each of the Loan Parties shall not, and shall not permit any
its Subsidiaries to contract for, purchase or make any expenditure or commitments for
Capital Expenditures in any fiscal quarter in an aggregate amount for all Loan Parties in
excess of $6,000,000 per such fiscal quarter.”

 

 

          (iii) Section 8.3 [Reporting Requirements] of the Credit Agreement is hereby amended as
follows:

               (A) The following new Section 8.3(e) [Monthly Borrowing Base Certificate and 13-Week Cash Flow
Forecasts] shall be inserted in numeric and alphabetical order:

     “(e) Monthly Borrowing Base Certificates and 13-Week Cash Flow Forecast. As
soon as available and in any event within twenty (20) calendar days after the beginning of
each month, a Borrowing Base Certificate dated as of the last day of the immediately
preceding month in the form of Exhibit 8.3(e) hereto, appropriately completed,
executed and delivered by an Authorized Officer, together with an accounts receivable aging
report and a 13-week cash flow forecast, in form and substance reasonably satisfactory to
the Administrative Agent.

               (B) The following new Section 8.3(f) [Field Exams and Equipment Valuations] shall be inserted
in numeric and alphabetical order:

     “(f) Field Exams and Equipment Valuations. Promptly upon the request of the
Administrative Agent and at the Borrower’s sole cost and expense (but, prior to an Event of
Default, no more than twice a year), (1) a field exam, in form, substance and scope reasonably
satisfactory to the Administrative Agent, and (2) an equipment valuation on the Loan Parties’
machinery and equipment, in form, substance and scope reasonably satisfactory to the
Administrative Agent setting forth the orderly liquidation value of such machinery and
equipment. For the avoidance of doubt, such orderly liquidation value so determined shall not
be used in determining the Borrowing Base, which shall be determined, in part, upon the net
book value of the Loan Parties’ equipment.

     (f) The List of Schedules and Exhibits to the Credit Agreement shall be amended as follows:

     (i) Pricing Grid. Schedule 1.1 (A)  —  Pricing Grid of the Credit
Agreement is hereby amended and restated in its entirety as set forth on the schedule titled
as Schedule 1.1 (A) — Pricing Grid attached hereto.

     (ii) Commitments of Lender and Addresses for Notices. Pursuant to Section 2.10
of the Credit Agreement, Part 1 of Schedule 1.1 (B)  —  Commitments of Lenders and
Addresses for Notices of the Credit Agreement is hereby amended and restated in its entirety
as set forth on the schedule titled as Schedule 1.1 (B) — Commitments of Lenders
and Addresses for Notices attached hereto.

     (iii) Quarterly Compliance Certificate. Exhibit 8.3(c)  —  Quarterly
Compliance Certificate of the Credit Agreement is hereby amended and restated in its
entirety as set forth on the schedule titled as Exhibit 8.3(c)  —  Quarterly
Compliance Certificate attached hereto.

 

 

     (iv) Qualified Accounts. A new Schedule 1.1(Q)(1)  —  Qualified
Accounts shall be added to the List of Schedules and Exhibits of the Credit Agreement in the
form of Schedule 1.1(Q)(1)  —  Qualified Accounts attached hereto.

     (v) Qualified Inventory. A new Schedule 1.1(Q)(2)  —  Qualified
Inventory shall be added to the List of Schedules and Exhibits of the Credit Agreement in
the form of Schedule 1.1(Q)(2)  —  Qualified Inventory attached hereto.

     (vi) Borrowing Base Certificate. A new Exhibit 8.3(e)  —  Borrowing
Base Certificate shall be added to the List of Schedules and Exhibits of the Credit
Agreement in the form of Exhibit 8.3(c)  —  Quarterly Compliance Certificate
attached hereto.

     (vii) New Lender Joinder. Exhibit 2.11  —  New Lender Joinder shall
be deleted.

     3. Conditions of Effectiveness of Amendments and Consent.

     The effectiveness of this Amendment is expressly conditioned upon satisfaction of each of the
following conditions precedent:

     (a) Execution and Delivery of Amendment. The Borrower, the other Loan Parties, the
Required Lenders, and the Administrative Agent shall have received approval to execute and shall
have executed this Amendment, and all other documentation necessary for effectiveness of this
Amendment shall have been executed and delivered all to the satisfaction of the Borrower, the
Required Lenders and the Administrative Agent.

     (b) Borrowing Base Certificate. The Borrower shall have executed and delivered
Borrowing Base Certificate to the Administrative Agent for the benefit of the Lenders, in form and
substance satisfactory to the Administrative Agent.

     (c) Officer’s Certificate. The representations and warranties of the Borrower
contained in Section 6 of the Credit Agreement and of each Loan Party in each of the other Loan
Documents shall be true and accurate on and as of the date hereof with the same effect as though
such representations and warranties had been made on and as of such date (except representations
and warranties which relate solely to an earlier date or time, which representations and warranties
shall be true and correct on and as of the specific dates or times referred to therein), and each
of the Loan Parties shall have performed and complied with all covenants and conditions hereof and
thereof, no Event of Default or Potential Default shall have occurred and be continuing or shall
exist; and there shall be delivered to the Administrative Agent for the benefit of each Lender a
certificate of the Borrower dated the date hereof and signed by the Chief Executive Officer,
President, Treasurer or Chief Financial Officer of the Borrower to each such effect.

     (d) Secretary’s Certificate. There shall be delivered to the Administrative Agent for
the benefit of each Lender a certificate dated the date hereof and signed by the Secretary or an
Assistant Secretary of each of the Loan Parties, certifying as appropriate as to:

 

 

          (1) all action taken by each Loan Party in connection with this Amendment and the other
Loan Documents;

          (2) the names of the officer or officers authorized to sign this Amendment and the
other Loan Documents and the true signatures of such officer or officers and specifying the
Authorized Officers permitted to act on behalf of each Loan Party for purposes of this
Amendment and the true signatures of such officers, on which the Administrative Agent and
each Lender may conclusively rely; and

          (3) copies of its organizational documents, including its certificate of incorporation
and bylaws, certificate of limited partnership and limited partnership agreement or limited
liability company certificate and operating agreement, as the case may be, as in effect on
the date hereof and, in the case of the certificate of incorporation of the Borrower,
certified by the appropriate state official where such document is filed in a state office,
together with certificates from the appropriate state officials as to the continued
existence and good standing of the Borrower in the state of its formation and the state of
its principal place of business; provided, however, that the Loan Parties may, in lieu of
delivering copies of the foregoing organizational documents and good standing certificates,
certify that the organizational documents and good standing certificates previously
delivered by the Loan Parties to the Administrative Agent remain in full force and effect
and have not been modified, amended, or rescinded.

     (e) Financial Projections. There shall have been delivered to the Administrative
Agent for the benefit of each Lenders copies of the financial projections of the Borrower and its
Subsidiaries, including a balance sheet, income statement, statement of cash flows and assumptions
used to prepare such projections, for the period commencing January 1, 2009 through and including
March 13, 2013, which shall all be satisfactory to the Administrative Agent.

     (f) Field Exam. The Borrower shall have performed a field exam and delivered the
results to the Administrative Agent for the benefit of the Lenders, and such field exam shall be
satisfactory to the Administrative Agent in form, substance and scope.

     (g) Equipment Valuation. The Borrower shall have performed an equipment valuation on
the machinery and equipment of the Loan Parties that sets forth the orderly liquidation values of
such machinery and equipment and the Borrower shall have delivered the results of such equipment
valuation to the Administrative Agent for the benefit of the Lenders, and such equipment valuation
shall be satisfactory to the Administrative Agent in form, substance and scope and shall indicate
an orderly liquidation value of such property, plants and equipment greater than or equal to
$150,000,000.

     (h) Payment of Fees. The Borrower has paid, or caused to be paid, all fees, costs and
expenses payable to the Administrative Agent or for which the Administrative Agent is entitled to
be reimbursed, including but not limited to (i) the reasonable fees and expenses of the
Administrative Agent’s legal counsel and (ii) a closing fee payable to each Lender that executes
this Amendment equal to fifty (50) basis points of such Lender’s Revolving Credit Commitment

 

 

as in effect immediately after the First Amendment Effective Date reflecting the initially
reduced commitments.

     (i) No Actions or Proceedings.

     No action, proceeding, investigation, regulation or legislation shall have been instituted,
threatened or proposed before any court, governmental agency or legislative body to enjoin,
restrain or prohibit, or to obtain damages in respect of, this Amendment, the other Loan Documents
or the consummation of the transactions contemplated hereby or thereby or which, in the
Administrative Agent’s sole discretion, would make it inadvisable to consummate the transactions
contemplated by this Amendment or any of the other Loan Documents.

     (j) Consents.

     All material consents required to effectuate the transactions contemplated by this Amendment
and the other Loan Documents and shall have been obtained.

     (k) Confirmation of Guaranty.

     Each of the Guarantors confirms that they have read and understand the Amendment. In order to
induce the Lenders, the Administrative Agent to enter into the Amendment, each of the Guarantors:
(i) consents to the Amendment and the transactions contemplated thereby; (ii) ratifies and confirms
each of the Loan Documents to which it is a party; (iii) ratifies, agrees and confirms that it has
been a Guarantor and a Loan Party at all times since it became a Guarantor and a Loan Party and
from and after the date hereof, each Guarantor shall continue to be a Guarantor and a Loan Party in
accordance with the terms of the Loan Documents, as the same may be amended in connection with the
Amendment and the transactions contemplated thereby; and (iv) hereby ratifies and confirms its
obligations under each of the Loan Documents (including all exhibits and schedules thereto), as the
same may be amended in connection with the Amendment and the transactions contemplated thereby, by
signing below as indicated and hereby acknowledges and agrees that nothing contained in any of such
Loan Documents is intended to create, nor shall it constitute an interruption, suspension of
continuity, satisfaction, discharge of prior duties, novation or termination of the indebtedness,
loans, liabilities, expenses, guaranty or obligations of any of the Loan Parties under the Credit
Agreement or any other such Loan Document.

     (l) Legal Details.

     All legal details and proceedings in connection with the transactions contemplated by this
Amendment and the other Loan Documents shall be in form and substance satisfactory to the
Administrative Agent and counsel for the Administrative Agent, and the Administrative Agent shall
have received all such other counterpart originals or certified or other copies of such documents
and proceedings in connection with such transactions, in form and substance satisfactory to the
Administrative Agent and its counsel, as the Administrative Agent or its counsel may reasonably
request.

 

 

     4. Force and Effect.

     Except as otherwise expressly modified by this Amendment, the Credit Agreement and the other
Loan Documents are hereby ratified and confirmed and shall remain in full force and effect after
the date hereof.

     5. Governing Law. 

     This Amendment shall be deemed to be a contract under the Laws of the State of New York and
for all purposes shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York without regard to its conflict of laws principles.

     6. Effective Date; Certification of the Borrower. 

     This Amendment shall be dated as of and shall be binding, effective and enforceable upon the
date of (i) satisfaction or written waiver of all conditions set forth in Section 3 hereof and (ii)
receipt by the Administrative Agent of duly executed original counterparts of this Amendment from
the Borrower and all Lenders, and from and after such date this Amendment shall be binding upon the
Borrower, each Lender and the Administrative Agent, and their respective successors and assigns
permitted by the Credit Agreement. The Borrower by executing this Amendment, hereby certifies that
this Amendment has been duly executed and that as of the date hereof no Event of Default or
Potential Default exists under the Credit Agreement or the other Loan Documents.

     7. No Novation. 

     This Amendment amends the Credit Agreement, but is not intended to constitute, and does not
constitute, a novation of the Obligations of the Loan Parties under the Credit Agreement or any
other Loan Document.

[Signature Page Follows]

 

 

[SIGNATURE PAGE 1 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

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

	 	 	 	 	 
	 	BORROWER:

SUPERIOR WELL SERVICES, INC.

 	 
	 	By:  	/s/ Thomas W. Stoelk
 	 
	 	 	Name:  	Thomas W. Stoelk 	 
	 	 	Title:  	Vice President & Chief Financial Officer 	 
	 
	 	GUARANTORS:

SUPERIOR GP, L.L.C.

By: Superior Well Services, Inc., its sole member

 	 
	 	By:  	/s/ Thomas W. Stoelk
 	 
	 	 	Name:  	Thomas W. Stoelk 	 
	 	 	Title:  	Vice President & Chief Financial Officer 	 
	 
	 	SUPERIOR WELL SERVICES, LTD.

By: Superior GP, L.L.C., its general partner

       By: Superior Well Services, Inc., its sole member

 	 
	 	By:  	/s/ Thomas W. Stoelk
 	 
	 	 	Name:  	Thomas W. Stoelk 	 
	 	 	Title:  	Vice President & Chief Financial Officer 	 
	 
	 	SWSI FLUIDS, LLC

By: Superior Well Services, Inc., its sole member

 	 
	 	By:  	/s/ Thomas W. Stoelk
 	 
	 	 	Name:  	Thomas W. Stoelk 	 
	 	 	Title:  	Vice President & Chief Financial Officer 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 2 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	LENDERS:

CITIZENS BANK OF PENNSYLVANIA,

individually and as Administrative Agent

 	 
	 	By:  	/s/ Joseph F. King
 	 
	 	 	Name:  	Joseph F. King 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	KEYBANK NATIONAL 

ASSOCIATION, individually and as Co-

Documentation Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ROYAL BANK OF CANADA,

individually and as Co-Documentation

Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 2 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	LENDERS:

CITIZENS BANK OF PENNSYLVANIA,

individually and as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	KEYBANK NATIONAL 

ASSOCIATION, individually and as Co-

Documentation Agent

 	 
	 	By:  	/s/ Todd Coker
 	 
	 	 	Name:  	Todd Coker 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	ROYAL BANK OF CANADA,

individually and as Co-Documentation

Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 2 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	LENDERS:

CITIZENS BANK OF PENNSYLVANIA,

individually and as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	KEYBANK NATIONAL 

ASSOCIATION, individually and as Co-

Documentation Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ROYAL BANK OF CANADA,

individually and as Co-Documentation

Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Christina Barrow
 	 
	 	 	Name:  	Christina Barrow 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 3 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	PNC BANK, NATIONAL 
ASSOCIATION

 	 
	 	By:  	/s/ Brett R. Schweikle
 	 
	 	 	Name:  	Brett R. Schweikle 	 
	 	 	Title:  	Vice President 	 
	 
	 	FIRST COMMONWEALTH BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	S&T BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST NATIONAL BANK OF 

PENNSYLVANIA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	TRISTATE CAPITAL BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 3 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	PNC BANK, NATIONAL 
ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST COMMONWEALTH BANK

 	 
	 	By:  	/s/ Anthony Cardone
 	 
	 	 	Name:  	Anthony Cardone 	 
	 	 	Title:  	Vice President 	 
	 
	 	S&T BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST NATIONAL BANK OF 

PENNSYLVANIA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	TRISTATE CAPITAL BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 3 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	PNC BANK, NATIONAL 
ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST COMMONWEALTH BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	S&T BANK

 	 
	 	By:  	/s/ Gregory R. Boyer
 	 
	 	 	Name:  	Gregory R. Boyer 	 
	 	 	Title:  	Vice President 	 
	 
	 	FIRST NATIONAL BANK OF 

PENNSYLVANIA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	TRISTATE CAPITAL BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 3 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	PNC BANK, NATIONAL
 ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST COMMONWEALTH BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	S&T BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST NATIONAL BANK OF 

PENNSYLVANIA

 	 
	 	By:  	/s/ John L. Hayes
 	 
	 	 	Name:  	JOHN L. HAYES 	 
	 	 	Title:  	SENIOR VICE PRESIDENT 	 
	 
	 	TRISTATE CAPITAL BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

[SIGNATURE PAGE 3 OF 3

OF THE FIRST AMENDMENT TO CREDIT AGREEMENT]

	 	 	 	 	 
	 	PNC BANK, NATIONAL 
ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST COMMONWEALTH BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	S&T BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIRST NATIONAL BANK OF 

PENNSYLVANIA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	TRISTATE CAPITAL BANK

 	 
	 	By:  	/s/ James P. Nickel
 	 
	 	 	Name:  	James P. Nickel 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

SCHEDULE 1.1(A)

PRICING GRID

VARIABLE PRICING AND FEES BASED ON LEVERAGE RATIO

(PRICING EXPRESSED IN BASIS POINTS)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Revolving	 	 
	 	 	 	 	 	 	 	 	Credit	 	 
	 	 	 	 	 	 	Letter of	 	Alternative	 	Revolving
	 	 	 	 	Commitment	 	Credit	 	Base Rate	 	Credit LIBOR
	Level	 	Leverage Ratio	 	Fee	 	Fee	 	Spread	 	Rate Spread
	I	 	Less than 2.5 to 1.0
	 	    50	 	300	 	100	 	300
	 
	II	 	Greater than or
equal to 2.5 to 1.0
but less than 3.0
to 1.0
	 	    50	 	325	 	125	 	325
	 
	III	 	Greater than or
equal to 3.0 to 1.0
but less than 4.0
to 1.0
	 	    50	 	350	 	150	 	350
	 
	IV	 	Greater than or
equal to 4.0 to 1.0
	 	62.5	 	400	 	200	 	400

     For purposes of determining the Applicable Margin, the Applicable Commitment Fee Rate and the
Applicable Letter of Credit Fee Rate:

     (a) The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of
Credit Fee Rate shall be determined on the Closing Date based on the Leverage Ratio computed on
such date pursuant to a Compliance Certificate to be delivered on the Closing Date; provide
however, until such time as the Borrower shall have delivered a Compliance Certificate to the
Lender demonstrating compliance with the financial covenants contained in the Agreement for the
fiscal quarter ending March 31, 2011, the Applicable Margin, Applicable Commitment Fee Rate and the
Applicable Letter of Credit Rate shall be no less than that associated with Level IV of the pricing
grid.

     (b) The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of
Credit Fee Rate shall be recomputed as of the end of each fiscal quarter ending after the Closing
Date based on the Leverage Ratio as of such quarter end. Any increase or decrease in the
Applicable Margin, the Applicable Commitment Fee Rate or the Applicable Letter of Credit Fee Rate
computed as of a quarter end shall be effective on the date on which the Compliance Certificate
evidencing such computation is due to be delivered under Section 8.3(c) [Certificate of the
Borrower]; provide however, until such time as the Borrower shall have delivered a
Compliance Certificate to the Lender demonstrating compliance with the financial covenants

 

 

contained therein for the fiscal quarter ending March 31, 2011, the Applicable Margin, Applicable
Commitment Fee Rate and the Applicable Letter of Credit Rate shall be no less than that associated
with Level IV of the pricing grid.

     (c) If, as a result of any restatement of or other adjustment to the financial statements of
the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Leverage
Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper
calculation of the Leverage Ratio would have resulted in higher pricing for such period, the
Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for
the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after
the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower
under the Bankruptcy Code of the United States, automatically and without further action by the
Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the
amount of interest and fees that should have
been paid for such period over the amount of interest and fees actually paid for such period.
This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing
Lender, as the case may be, under Section 2.9 [Letter of Credit Subfacility] or 4.3 [Interest After
Default] or 9 [Default]. The Borrower’s obligations under this paragraph shall survive the
termination of the Commitments and the repayment of all other Obligations hereunder.

2

 

SCHEDULE 1.1(B)

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES

Part 1 - Commitments of Lenders and Addresses for Notices to Lenders and Administrative Agent

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Amount of	 	 	 	 	 	 	 
	 	 	 	 	Commitment for	 	 	 	 	 	 	 
	 	 	 	 	Revolving Credit	 	 	Amount of	 	 	 	 
	 	 	 	 	Loans as of the	 	 	Commitment for	 	 	 	 
	 	 	 	 	First Amendment	 	 	Revolving Credit Loans	 	 	 	 
	Lender	 	Effective Date	 	 	as of January 1, 2010	 	 	Ratable Share	 
	Name:
	 	Citizens Bank of Pennsylvania	 	$	45,500,000	 	 	$	32,500,000	 	 	 	26.000000000	%
	Address:
	 	525 William Penn Place	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Pittsburgh, Pennsylvania 15219-7112	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Joseph King, Senior Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(412) 867-2413	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(412) 552-6309	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	KeyBank National Association	 	$	28,000,000	 	 	$	20,000,000	 	 	 	16.000000000	%
	Address:
	 	127 Public Square	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Cleveland, Ohio 44114	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Todd Coker, Assistant Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(214) 414-2618	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(214) 414-2621	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	Royal Bank of Canada	 	$	28,000,000	 	 	$	20,000,000	 	 	 	16.000000000	%
	Address:
	 	3900 Williams Tower	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	2800 Post Oak Boulevard	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Houston, Texas 77056	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Jay Sartain, Authorized Signatory	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(713) 403-5688	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(713) 403-5624	 	 	 	 	 	 	 	 	 	 	 	 

3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Amount of	 	 	 	 	 	 	 
	 	 	 	 	Commitment for	 	 	 	 	 	 	 
	 	 	 	 	Revolving Credit	 	 	Amount of	 	 	 	 
	 	 	 	 	Loans as of the	 	 	Commitment for	 	 	 	 
	 	 	 	 	First Amendment	 	 	Revolving Credit Loans	 	 	 	 
	Lender	 	Effective Date	 	 	as of January 1, 2010	 	 	Ratable Share	 
	Name:
	 	Bank of America, N.A.	 	$	17,500,000	 	 	$	12,500,000	 	 	 	10.000000000	%
	Address:
	 	4 Penn Center - Suite 1100	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	1600 John F. Kennedy Boulevard	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Philadelphia, Pennsylvania 19103	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Christian Barrow, Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(267) 675-0109	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(212) 548-8911	 	 	 	 	 	 	 	 	 	 	 	 
	 
	and
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	Bank of America, N.A.	 	 	 	 	 	 	 	 	 	 	 	 
	Address:
	 	2001 Clayton Road - 2nd Floor	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Concord, California 94520	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Petra Rubio	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(925) 675-8062	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(888) 969-9237	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	PNC Bank, National Association	 	$	17,500,000	 	 	$	12,500,000	 	 	 	10.000000000	%
	Address:
	 	One PNC Plaza	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	249 Fifth Avenue	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Pittsburgh, Pennsylvania 15222	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Brett Schweikle, Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(412) 762-2604	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(412) 762-4718	 	 	 	 	 	 	 	 	 	 	 	 

4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Amount of	 	 	 	 	 	 	 
	 	 	 	 	Commitment for	 	 	 	 	 	 	 
	 	 	 	 	Revolving Credit	 	 	Amount of	 	 	 	 
	 	 	 	 	Loans as of the	 	 	Commitment for	 	 	 	 
	 	 	 	 	First Amendment	 	 	Revolving Credit Loans	 	 	 	 
	Lender	 	Effective Date	 	 	as of January 1, 2010	 	 	Ratable Share	 
	Name:
	 	First Commonwealth Bank	 	$	14,000,000	 	 	$	10,000,000	 	 	 	8.000000000	%
	Address:
	 	437 Grant Street	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Pittsburgh, Pennsylvania 15219	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Anthony Cardone, Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(412) 690-2205	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(412) 690-2222	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	S&T Bank	 	$	10,500,000	 	 	$	7,500,000	 	 	 	6.000000000	%
	Address:
	 	800 Philadelphia Street	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Indiana, Pennsylvania 15701	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	Greg Boyer, Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(724) 465-1445	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(724) 465-3400	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	First National Bank of Pennsylvania	 	$	7,000,000	 	 	$	5,000,000	 	 	 	4.000000000	%
	Address:
	 	100 Federal Street - 3rd Floor	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Pittsburgh, Pennsylvania 15212	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	John Hayes, Senior Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(412) 359-2617	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(412) 231-3584	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Name:
	 	TriState Capital Bank	 	$	7,000,000	 	 	$	5,000,000	 	 	 	4.000000000	%
	Address:
	 	One Oxford Centre, Suite 2700	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Pittsburgh, Pennsylvania 15219	 	 	 	 	 	 	 	 	 	 	 	 
	Attention:
	 	James Nickel, Senior Vice President	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone:
	 	(412) 304-0321	 	 	 	 	 	 	 	 	 	 	 	 
	Telecopy:
	 	(412) 304-0391	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	 	$	175,000,000	 	 	$	125,000,000	 	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 

5

 

Schedule 1.1(Q)(1)

     Qualified Account shall mean any account, contract right, general intangible, chattel
paper, instrument or document representing any right to payment for goods sold or services
rendered, whether or not earned by performance and whether or not evidenced by a contract,
instrument or document, which is now owned or hereafter acquired by the Loan Parties (each an
“Account”) which the Administrative Agent, determines, in the exercise of its reasonable business
judgment consistent with its past practices in similar financings, to have met all of the following
minimum requirements:

          (i) the Account represents a complete bona fide transaction for goods sold and delivered or
services rendered (but excluding any amount in the nature of a service charge added to the amount
due on an invoice because the invoice has not been paid when due) which requires no further act
under any circumstances on the part of the Loan Parties to make such Account payable by the account
debtor; and the Account arises from an arm’s length transaction in the ordinary course of the any
Loan Parties’ business between such Loan Party and an account debtor which is not an affiliate,
officer, stockholder, owner or employee of such Loan Party, or a member of the family of an
affiliate, officer, stockholder, owner or employee of such Loan Party; provided that
Accounts due from Snyder Brothers, Inc. in an aggregate amount not to exceed $5,000,000 at any time
shall not be disqualified by reason of any affiliation of such Person with any Loan Party;

          (ii) If the Account is due from:

               (a) Chesapeake Energy Corporation or any of its Subsidiaries or Atlas America, Inc. or any of
its Subsidiaries, the Account shall not (1) be or have been unpaid more than one hundred twenty
(120) days from the invoice date, (2) be delinquent more than sixty (60) days, or (3) be payable by
such an account debtor when more than fifty percent (50%) of whose Accounts have remained unpaid
for more than one hundred twenty (120) days from the invoice date or are delinquent more than sixty
(60) days; or

               (b) all other account debtors, the Account shall not (1) be or have been unpaid more than
ninety (90) days from the invoice date or (2) be payable by an account debtor (A) more than fifty
percent (50%) of whose Accounts have remained unpaid for more than ninety (90) days from the
invoice date or (B) whose Accounts constitute, in the Administrative Agent’s determination, an
unduly high percentage of the aggregate amount of all outstanding Accounts.

          (iii) the goods the sale of which gave rise to the Account were shipped or delivered or
provided to the account debtor on an absolute sale basis (including sales on customary credit
terms) and not on a bill-and-hold sale basis, a consignment sale basis, a guaranteed sale basis, a
sale-or-return basis, or on the basis of any other similar understanding, and no part of such goods
has been returned or rejected;

          (iv) the Account is not evidenced by chattel paper or an instrument of any kind;

 

 

          (v) the account debtor with respect to the Account (a) is not the subject of any bankruptcy or
insolvency proceedings of any kind or of any other proceeding or action, threatened or pending,
which could be reasonably be expected to have a materially adverse effect on its business, and (b)
is not, in the sole discretion of the Administrative Agent, deemed ineligible for credit for other
reasons (including, without limitation, unsatisfactory past experience of any Loan Party or the
Administrative Agent with the account debtor or unsatisfactory reputation of the account debtor);

          (vi) (a) the account debtor is not located outside of the continental United States of
America, or (b) if the account debtor is located outside of the continental United States, the Loan
Parties have given the Administrative Agent prior written notice thereof and has provided
Administrative Agent with such security as shall be acceptable to the Administrative Agent;

          (vii) (a) the account debtor is not the government of the United States of America, or any
department, agency or instrumentality thereof, or (b) if the account debtor is an entity mentioned
in clause (vii)(a), the Federal Assignment of Claims Act (or applicable similar legislation) has
been fully complied with so as to validly perfect the Administrative Agent’s Prior Security
Interest to the Administrative Agent’s satisfaction;

          (viii) the Account is a valid, legally enforceable obligation of the account debtor with
respect thereto and is not pursuant to any progress billing or warranty billing arrangement or
subject to any dispute, condition, contingency, offset, recoupment, reduction, claim for credit,
allowance, adjustment, counterclaim or defense on the part of such account debtor, and no facts
exist which may provide a basis for any of the foregoing in the present or future;

          (ix) the Account is subject to the Administrative Agent’s first priority security interest and
is not subject to any other lien, claim, encumbrance or security interest whatsoever other than
Permitted Liens;

          (x) the Account is evidenced by an invoice or other documentation in form reasonably
acceptable to the Administrative Agent and arises from a contract which is in form and substance
reasonably satisfactory to the Administrative Agent;

          (xi) Accounts with respect to which the account debtor is located in any state (including,
without limitation, New Jersey, Minnesota and Indiana) denying creditor’s access to its courts in
the absence of a Notice of Business Activities Report or other similar filing, unless the Loan
Parties have either qualified as a foreign corporation authorized to transact business in such
state or has filed a Notice of Business Activities Report or similar filing with the applicable
state agency for the then current year;

          (xii) the Account is not subject to any provision prohibiting its assignment or requiring
notice of or consent to such assignment;

 

 

          (xiii) the goods giving rise to the Account were not, at the time of sale thereof, subject to
any lien or encumbrance except the Administrative Agent’s first priority security interest or
Permitted Liens; and

          (xiv) the Account is payable in freely transferable United States Dollars.

In addition to the foregoing requirements, Accounts of any account debtor which are otherwise
qualified shall be reduced to the extent of any accounts payable (including, without limitation,
the Administrative Agent’s good faith estimate of any contingent liabilities) by the Loan Parties
to such account debtor (“Contras”), provided that the Administrative Agent, in its
reasonable discretion, may determine that none of the Accounts in respect to such account debtor
shall be Qualified Accounts in the event that Contras represent an unreasonably large amount owing
to such account debtor.

 

 

Schedule 1.1(Q)(2)

          Qualified Inventory shall mean any finished goods of Loan Parties held for sale and
raw materials (“Inventory”) which the Administrative Agent determines, in the exercise of its
reasonable business judgment consistent with its past practices in similar financings, determines
to have met all of the following minimum requirements:

          (i) the Inventory is either (a) finished goods or (b) raw materials other than supplies, but
excluding in all cases any work in process and any goods which have been shipped, delivered,
provided to, purchased or sold by the Loan Parties on a bill-and-hold sale, consignment sale,
guaranteed sale, or sale-or-return basis, or any other similar basis or understanding other than an
absolute sale (including sales on customary credit terms);

          (ii) the Inventory is of new, good and merchantable quality;

          (iii) the Inventory is located on premises listed on Schedule A of the Security
Agreement;

          (iv) the Inventory is not stored with a bailee, warehouseman, consignee or similar party
unless the Administrative Agent has given its prior written consent and the Loan Parties have
caused such bailee, warehouseman, consignee or similar party to issue and deliver to the
Administrative Agent, in form and substance acceptable to the Administrative Agent, warehouse
receipts or similar type of documentation therefor in the Administrative Agent’s name;

          (v) the Inventory is subject to the Administrative Agent’s first priority security interest
and is not subject to any other lien other than Permitted Liens;

          (vi) the Inventory has not been manufactured in violation of any federal minimum wage or
overtime laws, including, without limitation, the Fair Labor Standards Act, 29 U.S.C. § 215(a)(1);
and

          (vii) the Inventory is not located outside of the United States of America or Canada.

 

 

EXHIBIT 8.3(c)

QUARTERLY COMPLIANCE CERTIFICATE

     This certificate is delivered pursuant to Section 8.3(c) of that certain Credit Agreement
dated as of September 30, 2008 (the “Credit Agreement”) by and among Superior Well Services, Inc.,
a Delaware corporation (the “Borrower”), the Lenders party thereto (the “Lenders”), the Guarantors
party thereto (the “Guarantors”) and Citizens Bank of Pennsylvania, as Administrative Agent for the
Lenders (the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit
Agreement are used herein with the same meanings.

     The
undersigned officer,
                                        ,
the
                     [President/Chief Executive
Officer/Chief Financial Officer] of the Borrower, in such capacity does hereby certify on behalf of
the Borrower as of the quarter/year ended
                              ,
20           (the “Report Date”), as follows:

	(1)	 	Minimum Fixed Charge Coverage Ratio (Section 8.2(n)). As of the Report Date,
commencing with the fiscal quarter ending March 31, 2011, the Fixed Charge Coverage Ratio of
the Loan Parties is
                               (insert ratio from (1)(C) below), which was not less
than 1.75 to 1.0.
	 
	 	 	The Fixed Charge Coverage Ratio shall be computed as follows:

	 	 	 	 	 	 	 	 	 
	 	(A)	Consolidated EBITDA for the four fiscal quarters then

ending, calculated in accordance with GAAP, as follows:	 	 
	 
	 
	 	(i)	 	net income	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	depreciation	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)	 	amortization	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iv)	 	other non-cash charges to net income	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(v)	 	interest expense	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(vi)	 	income tax expense	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(vii)	 	non-cash credits to net income	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(viii)	 	the sum of items (1)(A)(i) through
(1)(A)(vi) minus item 1(A)(vii) equals Consolidated EBITDA	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(ix)	 	$10,000,000 plus a cumulative
amount equal to three percent (3%) of the acquisition value of
equipment acquired during each fiscal quarter commencing with the fiscal	 	$	 	 
	 
	 	 	 	 	 	 	 

 

 

Citizens
Bank of Pennsylvania
Page 2

	 	 	 	 	 	 	 	 	 
	 
	quarter ending December 31, 2008	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(x)	 	Item (1)(A)(viii) minus (1)(A)(ix)	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	(B)	Fixed Charges for the four fiscal quarters then ending,calculated in accordance with GAAP as follows:	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	interest expense	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	income taxes	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)	 	scheduled principal installments on Indebtedness (as adjusted for prepayments)	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iv)	 	payments under capitalized leases	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(v)	 	dividends and distributions	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(vi)	 	the sum of items (1)(B)(i) through (1)(B)(v) equals Fixed Charges	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	(C)	Item (1)(A)(x) divided by Item (1)(B)(vi) equals the Fixed Charge Coverage Ratio	 	_____ to 1.0

	(2)	 	Maximum Leverage Ratio (Section 8.2(o)). As of the Report Date, commencing with the
fiscal quarter ending March 31, 2011, the Leverage Ratio of the Loan Parties is
_________(insert ratio from (2)(C) below), which, commencing with the fiscal quarter
ending March 31, 2011 through the fiscal quarter ending December 31, 2011 was not greater than
5.0 to 1.0 and commencing with the fiscal quarter ending March 31, 2012 and each fiscal
quarter thereafter was not greater than 4.0 to 1.0.
	 
	 	 	The Leverage Ratio shall be computed as follows:

	 	 	 	 	 	 	 	 	 
	 	(A)	consolidated Indebtedness of Borrower and its Subsidiaries, as of the Report Date, calculated as follows:	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)		borrowed money	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)		amounts raised under or liabilities
in respect of any note purchase or acceptance credit facility	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)		reimbursement obligations
(contingent or otherwise) under any letter of credit, currency swap agreement,	 	$	 	 
	 
	 	 	 	 	 	 	 

2

 

Citizen
Bank of Pennsylvania
Page 3

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	interest rate swap, cap, collar or floor agreement or other interest rate management device	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iv)	 	any other transaction (including
forward sale or purchase agreements, capitalized leases and
conditional sales agreements) having the commercial effect of a
borrowing of money entered into by such Person to finance its
operations or capital requirements (but not including trade payables
and accrued expenses incurred in the ordinary course of business
which are not represented by a promissory note or other evidence of
indebtedness and which are not more than ninety (90) days past due)	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(v)	 	any Guaranty of Indebtedness for borrowed money	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(vi)	 	the sum of items (2)(A)(i) through
(2)(A)(v) equals consolidated Indebtedness	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	       (B)	 	Consolidated EBITDA as set forth in
Item 1(A)(viii) above	$	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	       (C)	 	Item (2)(A)(vi) divided by Item
(2)(B) equals the Leverage Ratio	 	_____ to 1.0

	(3)	 	Maximum Senior Leverage Ratio (Section 8.2(p)). As of the Report Date, commencing
with the fiscal quarter ending March 31, 2011, the Senior Leverage Ratio of the Loan Parties
is _________________(insert ratio from (3)(C) below), which was not greater than 3.0 to 1.0.
	 
	 	 	The Senior Leverage Ratio shall be computed as follows:

	 	 	 	 	 	 	 	 	 
	(A)

	 	Obligations, as of the Report Date
	 	 		 	$	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(B)

	 	Consolidated EBITDA as set forth in
Item 1(A)(viii) above
	 	 		 	$	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(C)

	 	Item (3)(A) divided by Item (3)(B)
equals the Senior Leverage Ratio
	 	 	 	 	 	___to 1.0

	(4)	 	Minimum Quarterly EBITDA (Section 8.2(q)). As of the Report Date, the quarterly
Consolidated EBITDA of the Loans Parties is
____________ (insert amount from

3

 

Citizens Bank of Pannsylvania
Page
4

	 	 	4(A)(viii)), which amount shall be equal to or greater than the applicable amount set forth in
Table I below.

	 	 	 	 	 	 	 	 	 
	(A)	 	Consolidated EBITDA for the fiscal
quarter then ending, calculated in
accordance with GAAP, as follows:	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(i)	 	net income	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(ii)	 	depreciation	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iii)	 	amortization	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(iv)	 	other non-cash charges to net income	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(v)	 	interest expense	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(vi)	 	income tax expense	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(vii)	 	non-cash credits to net income	 	$	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	(viii)	 	the sum of items (4)(A)(i) through (4)(A)(vi) minus item 4(A)(vii) equals quarterly Consolidated EBITDA	 	$	 	 
	 
	 	 	 	 	 	 	 

TABLE I

	 	 	 	 	 
	Period Ending	 	Minimum Quarterly EBITDA
	September 30, 2009
	 	$	1,000,000	 
	December 31, 2009
	 	$	5,000,000	 
	March 31, 2010
	 	$	5,000,000	 
	June 30, 2010
	 	$	6,000,000	 
	September 30, 2010
	 	$	7,500,000	 
	December 31, 2010
	 	$	10,000,000	 

4

 

Citizens Bank of Pannsylvania
Page
5

	(5)	 	Maximum Capital Expenditures (Section 8.2(r)). As of the Report Date, the aggregate
Capital Expenditures of the Loans Parties for the fiscal quarter then ending is
                                        , which amount shall be less than or equal to $6,000,000.
	 
	(6)	 	Indebtedness (Section 8.2(a)).

	 	(A)	 	As of the Report Date, the aggregate amount of Indebtedness secured by Purchase
Money Security Interests incurred by each of the Loan Parties is
$                              , which
amount does not exceed $10,000,000.
	 
	 	(B)	 	As of the Report Date, each of the Loan Parties have entered into the following
Hedging Obligations and each of the following have been approved by the Administrative
Agent:
	 
	 	 

	 
	 	 

	 
	 	 

	 
	 	(C)	 	(C) As of the Report Date, the aggregate amount of Additional Indebtedness
incurred by each of the Loan Parties is $                              , which amount does not exceed
$150,000,000.

	(7)	 	Liquidations, Mergers, Consolidations, Acquisitions (Section 8.2(f)(ii)(F)). As of
the Report Date, the aggregate amount of consideration paid by each of the Loan Parties in
connection with any Permitted Acquisition between the Closing Date and the Report Date is
$                              , which amount does not exceed $50,000,000. Additionally, the Loan Parties have
made no Permitted Acquisitions between the First Amendment Effective Date and March 31, 2011.
	 
	(8)	 	Representations, Warranties and Covenants. The representations and warranties
contained in Section 6 of the Credit Agreement and in the other Loan Documents are true and
correct on and as of the date of this certificate with the same effect as though such
representations and warranties had been made on the date hereof (except representations and
warranties which expressly relate solely to an earlier date or time), and the Borrower has
performed and complied with all covenants and conditions of the Credit Agreement.
	 
	(9)	 	Event of Default or Potential Default. No Event of Default or Potential Default
exists as of the date hereof.

[SIGNATURES FOLLOW]

5

 

SIGNATURE PAGE 1 OF 1 TO

QUARTERLY COMPLIANCE CERTIFICATE

     IN
WITNESS WHEREOF, the undersigned has executed this Certificate this
               day of
                         , 20          .

	 	 	 	 	 	 	 
	 	 	SUPERIOR WELL SERVICES, INC.,

a Delaware corporation
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	Name:	 	 	 
	 

	 	 	 	 	 	 
	 

	 		Title:	 	 	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT 8.3(e)

FORM OF

BORROWING BASE CERTIFICATE

                                        ,20___

To:                 gbmnaagency@rbs.com and

                      agencyops@rbs.com

	 	 	 
	With a copy to:
	 	 	Citizens Bank of Pennsylvania, as Administrative Agent

	 	 	29th Floor, 525 William Penn Place

	 	 	Pittsburgh, Pennsylvania, 15219

	 	 	Telephone No.: (412) 867-2413

	 	 	Telecopier No.: (412) 552-6309

	 	 	Attention: Joseph F. King

	 	 	 

	FROM:
	 	Superior Well Services, Inc.

	 	 	 

	RE:
	 	Credit Agreement (as it may be amended, restated, modified or supplemented, the
“Agreement”) dated as of September 30, 2008, by and among Superior Well Services,
Inc., the Lenders party thereto, the Guarantors party thereto and Citizens Bank of
Pennsylvania, as Administrative Agent for the Lenders (the “Administrative Agent”).

Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them
by the Agreement.

     I,                                         , do hereby certify on behalf of the Borrower as of the month ended
                                        , 20___ (the “Report Date”), as follows:

Borrowing Base Calculations:

Borrowing Base equals 80% of Qualified Accounts plus 50% of Qualified Inventory plus 30% (which as
of January 1, 2010 shall be reduced to 20%) of the net book value of its property, plant and
equipment.

	 	 	 	 	 	 	 	 	 
	A.	 	Qualified Accounts: Accounts which meet all of the
minimum requirements set forth as Schedule 1.1(Q)(1) to
the Credit Agreement.
	 	 	 	 	 	 
	 
	1.	 	Total Accounts
	 		 	$	 	 
	 	 	 
	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	2.	 	Accounts which are not Qualified Accounts
	 	$	 	 
	 	 	 
	 	 	 
	 
	3.	 	Qualified Accounts (Item (A)(1) less Item (A)(2)
	 	$	 	 
	 	 	 
	 	 	 
	 
	4.	 	80% of Item (A)(3)
	 	$	 	 
	 	 	 
	 	 	 
	 
	B.	 	Qualified Inventory: Inventory which meet all of the
minimum requirements set forth on Schedule 1.1(Q)(2) to
the Credit Agreement.
	 	 	 	 
	 
	1.	 	Total Inventory
	 	$	 	 
	 	 	 
	 	 	 
	 
	2.	 	Inventory which are not Qualified Inventory
	 	$	 	 
	 	 	 
	 	 	 
	 
	3.	 	Qualified Inventory (Item (B)(1) less Item (B)(2))
	 	$	 	 
	 	 	 
	 	 	 
	 
	4.	 	50% of Item B(3)
	 	$	 	 
	 	 	 
	 	 	 
	 
	C.	 	Property, Plant and Equipment.
	 	 	 	 
	 
	1.	 	Net book value of property, plant and equipment of the Loan Parties.
	 	$	 	 
	 	 	 
	 	 	 
	 
	2.	 	30% (which as of January 1, 2010 shall be reduced to 20%) of Item (C)(1).
	 	$	 	 
	 	 	 
	 	 	 
	 
	D.	 	Borrowing Base: Sum of Items (A)(4), (B)(4) and (C)(2) equals the Borrowing Base
	 	$	 	 
	 	 	 
	 	 	 
	 
	E.	 	Facility Usage:
	 	 	 	 
	 
	1.	 	Loans Outstandings
	 	$	 	 
	 	 	 
	 	 	 
	 
	2.	 	Letters of Credit Outstanding
	 	$	 	 
	 	 	 
	 	 	 
	 
	3.	 	Item (E)(1) plus Item (E)(2) equals the Facility Usage
	 	$	 	 
	 	 	 
	 	 	 
	 
	F.	 	Proposed Loans
	 	$	 	 
	 	 	 
	 	 	 
	 
	G.	 	Remaining Availability: The lesser of (i) $175,000,000 (which as of January 1, 2010 shall be reduced to
$125,000,000) or (ii) Item (D), less Item (E)(3) less
Item (F)
	 	$	 	 
	 	 	 
	 	 	 

CERTIFICATIONS:

2

 

          A) The Loan Parties are not in default under the Credit Agreement or any of Loan Parties’
obligations and all representations and warranties contained in the Credit Agreement are true and
correct as of the date hereof (except those that relate solely to an earlier date).

          B) No remittances have been received from, or returns and allowances granted to, any debtors
whose accounts have been assigned to the Agent other than as reported.

          C) The Loan Parties hereby grants to Administrative Agent a first priority (subject to
Permitted Liens) interest in all accounts which came into existence since the last Certificate, and
all rights, title and interest in and to the product and proceeds.

[SIGNATURE PAGE FOLLOWS]

3

 

[SIGNATURE PAGE 1 OF 1 TO BORROWING BASE CERTIFICATE]

     IN WITNESS WHEREOF, the undersigned has executed this Certificate this                 day of                                         , 20 ___.

	 	 	 	 	 	 	 
	 	 	SUPERIOR WELL SERVICES, INC., 
	 	 	a Delaware corporation
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 	 	 	 
	 

	 	 	Name: 	 	 	 
	 	 	 	 	 
	 

	 		Title:	 	 	 
	 	 	 	 	 

Note: This form is to be completed as of the last day of each month and is due within 20 days after
the end of the month.exv10w1

Exhibit 10.1

Summary of Director Compensation

     The following sets forth the compensation program for non-employee directors of United
American Healthcare Corporation. Directors who are employees of the Company do not receive any
additional compensation for Board service. All directors are reimbursed for expenses reasonably
incurred in connection with Board service.

	 	 	 	 	 
	Board/Committee meeting fees (cash): 
	 	$	1,000	 per meeting
	Annual Chair fees (cash):
	 	 	 	 
	Non-Executive Chairman of Board
	 	$	32,000	 
	Finance and Audit Committee-Chair
	 	$	6,000	 
	Compensation Committee-Chair
	 	$	4,000	 
	Governance Committee-Chair
	 	$	3,000	 
	Annual fees paid to non-executive Board
members:
	 	 	 	 
	Cash
	 	$	18,000	 
	Stock (cash value)
	 	$	18,000

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