Document:

Exhibit

EXHIBIT 10.3
EXECUTION VERSION

AMENDMENT No. 5, dated as of June 23, 2016 (this “Amendment”), to the Superpriority Secured Debtor-in-Possession Credit Agreement, dated as of January 21, 2016 (as amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”), among Arch Coal, Inc., a debtor and debtor-in-possession under chapter 11 of the Bankruptcy Code, as borrower (the “Borrower”), the Guarantors from time to time party thereto, each a debtor and debtor-in-possession under chapter 11 of the Bankruptcy Code, the Lenders from time to time party thereto and Wilmington Trust, National Association, in its capacity as administrative agent and collateral agent (in such capacities, the “Agent”).  Capitalized terms used but not defined herein have the meaning provided in the Credit Agreement. 
WHEREAS, the Borrower has requested certain amendments to the Credit Agreement and the undersigned Lenders are willing to consent to such amendments on the terms and conditions set forth herein;
WHEREAS, pursuant to Section 13.01 of the Credit Agreement, the Agent, with the written consent of the Required Lenders, and the Borrower, on behalf of the Loan Parties, may grant written waivers or consents under and enter into written agreements amending or changing any provision of the Credit Agreement; and
WHEREAS, the parties hereto desire to provide the amendments set forth below on the terms set forth herein; 
NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
Section 1.    Amendment to Credit Agreement.  
(c)    The Credit Agreement is hereby amended effective as of the Amendment Effective Date as follows:
(A)    Section 8.01(p)(v) of the Credit Agreement is hereby amended by deleting the words “June 23, 2016” therefrom and inserting in lieu thereof the words “July 7, 2016”.
Section 2.    Representations and Warranties.  The Borrower represents and warrants to the Agent and the Lenders as of the Amendment Effective Date that:
(a)    (i) The Borrower (A) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and (B) subject to the entry of the Orders and subject to the terms thereof, has full power to enter into, execute, deliver and carry out this Amendment, and all such actions have been duly authorized by all necessary proceedings on its part, and (ii) this Amendment has been duly and validly executed and delivered by the Borrower and, subject to the entry of the Orders and subject to the terms thereof, 

constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms.
(b)    Neither the execution and delivery of this Amendment by the Borrower, nor the consummation of the transactions herein contemplated or compliance with the terms and provisions hereof by the Borrower will (x) conflict with, constitute a default under or result in any breach of (i) the terms and conditions of the certificate of incorporation, bylaws or other organizational documents of the Borrower or (ii) except as would not reasonably be expected to result in Material Adverse Change and except in respect of the Existing Debt Documents, any Law or any material agreement or instrument or order, writ, judgment, injunction or decree to which the Borrower is a party or by which the Borrower is bound or subject to, or (y) result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of the Borrower (other than Liens granted in respect of the Obligations and Liens created by the Existing Debt Documents).
(c)    Subject to the entry of the Orders and subject to the terms thereof, no consent, approval, exemption, order or authorization of, or a registration or filing with, any Official Body or any other Person is necessary to authorize or permit under any Law in connection with the execution, delivery and carrying out of this Amendment by the Borrower.
(d)    Immediately before and immediately after giving effect to this Amendment, the representations and warranties of each Loan Party set forth in the Loan Documents to which it is a party shall be true and correct in all material respects on and as of the Amendment Effective Date, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date).
(e)    Immediately before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
Section 3.    Conditions to Effectiveness.  This Amendment shall become effective on the date (the “Amendment Effective Date”) on which the following conditions are satisfied or waived:
(a)    the Agent shall have received from (i) the Required Lenders and (ii) the Borrower a duly executed counterpart of this Amendment signed on behalf of such party and, in the case of the Borrower, on behalf of the other Loan Parties (which may include facsimile or other electronic transmission of a signed signature page of this Amendment).
(b)    on and as of the Amendment Effective Date, both immediately before and immediately after giving effect to the effectiveness of this Amendment, the representations and warranties of the Borrower set forth in Section 2 hereof shall be true and correct in all material respects.

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Section 4.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
Section 5.    Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF ANY OTHER LAW AND (TO THE EXTENT APPLICABLE) THE BANKRUPTCY CODE. 
Section 6.    Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
Section 7.    Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  The Borrower, on behalf of each Loan Party, confirms and agrees that the Liens granted pursuant to the Interim Order, the Final Order and the Collateral Documents shall continue without any diminution thereof and shall remain in full force and effect on and after the date hereof.  For the avoidance of doubt, on and after the Amendment Effective Date, this Amendment shall for all purposes constitute a Loan Document.
 [Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
		
	ARCH COAL, INC., on behalf of the Loan Parties

	By:
	/s/ Robert G. Jones

	 
	Name:   Robert G. Jones

	 
	Title:   Senior Vice President-Law, General Counsel & Secretary

[Signature Page – Amendment No. 5]Exhibit

EXHIBIT 10.4
EXECUTION COPY

THIRD AMENDMENT  
TO RESTRUCTURING SUPPORT AGREEMENT
Third Amendment to Restructuring Support Agreement (this “Amendment”), dated as of April 26, 2016, to that certain Restructuring Support Agreement made and entered into as of January 10, 2016, as amended by the First Amendment to Restructuring Support Agreement, dated as of February 25, 2016, and the Second Amendment to Restructuring Support Agreement, dated as of March 28, 2016  (the “Restructuring Support Agreement”), by and among (i) the parties signatory thereto which are lenders under the First Lien Credit Agreement (each such party a “Consenting Lender”, and collectively, the “Consenting Lenders”), (ii) Arch Coal, Inc., a Delaware corporation (“Arch Coal”), and (iii) each of the subsidiaries of Arch Coal signatory thereto (collectively with Arch Coal, the “Company”).  Capitalized terms used in this Amendment and not otherwise defined shall have the meanings set forth in the Restructuring Support Agreement.
RECITALS
WHEREAS, Arch Coal, the other guarantors party thereto, the lenders party thereto (including the Consenting Lenders) and Wilmington Trust, National Association, as successor term loan administrative agent and successor collateral agent under the First Lien Credit Agreement (the “First Lien Agent”) have entered into the First Lien Credit Agreement;
WHEREAS, pursuant to the Restructuring Support Agreement, the Parties thereto agreed to support a Restructuring that is to be implemented through the Plan;
WHEREAS, the Company has requested a limited waiver of certain Consenting Lender Termination Events under Section 5.02(g) of the Restructuring Support Agreement; 
WHEREAS, the Company has requested an amendment to the Restructuring Support Agreement; and
WHEREAS, the parties hereto have agreed to (i) provide a limited waiver of such Consenting Lender Termination Events and (ii) amend the Restructuring Support Agreement, in each case, on the terms and conditions set forth in this Amendment.
AGREEMENT
NOW THEREFORE, for and in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.    Limited Waiver of Consenting Lender Termination Events. Effective as of the Amendment Effective Date (as defined below), the Consenting Lenders party hereto hereby waive the following:
(a)    Any Consenting Lender Termination Event set forth in Section 5.02(g)(iii) of the Restructuring Support Agreement solely to the extent arising out of the failure of the Company to obtain, prior to ninety (90) days after the Petition Date, entry of the RSA Assumption Order by 

    

the Bankruptcy Court; provided that it shall be a Consenting Lender Termination Event if the Company fails to obtain, prior to June 10, 2016 or such later date as may be agreed to in writing by the Majority Consenting Lenders, entry of the RSA Assumption Order, in form and substance reasonably satisfactory to the Majority Consenting Lenders and otherwise in accordance with the Restructuring Support Agreement; and
(b)    Any Consenting Lender Termination Event set forth in Section 5.02(g)(vi) of the Restructuring Support Agreement solely to the extent arising out of the failure of the Company to file, no later than ninety (90) days after the Petition Date, the Plan and Disclosure Statement; provided that it shall be a Consenting Lender Termination Event if the Company fails to comply with or achieve the following deadlines: (i) no later than May 5, 2016 or such later date as may be agreed to in writing by the Majority Consenting Lenders, filing the Plan and Disclosure Statement, which Plan and Disclosure Statement shall provide for the consummation of the Restructuring provided for in the Term Sheet and each of which otherwise shall be in form and substance reasonably satisfactory to the Majority Consenting Lenders, and (ii) no later than June 10, 2016 or such later date as may be agreed to in writing by the Majority Consenting Lenders, obtaining Bankruptcy Court approval of the Disclosure Statement. 
SECTION 2.    Amendment to Restructuring Support Agreement. Effective as of the Amendment Effective Date, the Company and the Consenting Lenders party hereto hereby amend footnote 5 appearing in Exhibit A to the Restructuring Support Agreement by deleting the reference to “April 22, 2016” appearing therein and replacing such reference with “June 10, 2016”.
SECTION 3.    Compliance with Restructuring Support Agreement.  As of the Amendment Effective Date, each of the parties hereto represents and warrants, severally and not jointly, to each other party that (i) it is in compliance with all of the terms and provisions set forth in the Restructuring Support Agreement (as amended by this Amendment) and (ii) no material breach has occurred and is continuing under the Restructuring Support Agreement.
SECTION 4.    Effect of Amendment on the Restructuring Support Agreement.  Except as specifically amended or waived hereby, the terms and provisions of the Restructuring Support Agreement are in all other respects ratified and confirmed and remain in full force and effect without modification or limitation.  No reference to this Amendment need be made in any notice, writing or other communication relating to the Restructuring Support Agreement, and any such reference to the Restructuring Support Agreement shall be deemed a reference thereto as amended by this Amendment.  This Amendment shall be limited precisely as written and, except as expressly provided herein, shall not be deemed or construed (i) to be a consent granted pursuant to, or a waiver (except for the specific waivers set forth above), modification or forbearance of, any term or condition of the Restructuring Support Agreement, any of the instruments or agreements referred to therein or a waiver of any breach under the Restructuring Support Agreement, whether or not known to the First Lien Agent or any of the Consenting Lenders, or (ii) to prejudice any right or remedy which the First Lien Agent, any Consenting Lender or the Company may now have or have in the future under or in connection with the Restructuring Support Agreement, or any of the instruments or agreements referred to therein, as applicable.  

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SECTION 5.    Effectiveness of This Amendment.  This Amendment shall become effective and binding on each Party on the date (such date, the “Amendment Effective Date”) counsel to the parties hereto have received signature pages hereto signed by the Company and the Consenting Lenders constituting Majority Consenting Lenders. 
SECTION 6.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
SECTION 7.    Counterparts; Electronic Execution.  This Amendment may be executed and delivered in any number of counterparts, each of which, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement.  Delivery of an executed copy of this Amendment shall be deemed to be a certification by each person executing this Amendment on behalf of a party hereto that such person and party hereto has been duly authorized and empowered to execute and deliver this Amendment and each other party hereto may rely on such certification.  Delivery of any executed signature page of this Amendment by telecopier, facsimile or electronic mail shall be as effective as delivery of a manually executed signature page of this Amendment.
SECTION 8.    Reference to Restructuring Support Agreement.  All references to the “Restructuring Support Agreement”, “hereunder”, “hereof” or words of like import in the Restructuring Support Agreement shall mean and be a reference to the Restructuring Support Agreement as modified hereby and as may in the future be amended, restated, supplemented or modified from time to time.
SECTION 9.    Breach of Amendment.  This Amendment shall be part of the Restructuring Support Agreement and a breach of any representation, warranty or covenant herein shall constitute a breach under the Restructuring Support Agreement, without the giving of notice or the passage of time.  
 [Remainder of page intentionally left blank 
Signatures on next page].

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have executed and delivered this Third Amendment to Restructuring Support Agreement as of the date hereof.

ARCH COAL INC., on behalf of itself and each of the Guarantors

	
		
	By:
	/s/ Robert G. Jones

	 
	Name:   Robert G. Jones

	 
	Title:   Senior Vice President-Law, General Counsel & Secretary

[Signature Page to Third Amendment to Restructuring Support Agreement]

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