Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

SECOND AMENDMENT 
 TO

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of October 16, 2015 

among 
 SANDRIDGE ENERGY, INC.,

 as the Borrower, 

ROYAL BANK OF CANADA, 
 as
the Administrative Agent for the Lenders, 
 and 

THE LENDERS PARTY HERETO 
  

 
 CAPITAL ONE, NATIONAL ASSOCIATION,
CITIZENS BANK, N.A., 
 NATIXIS, NEW YORK BRANCH, SUNTRUST BANK and 

UBS SECURITIES LLC, 
 Documentation
Agents 
  
  

RBC CAPITAL MARKETS1, 

BARCLAYS BANK PLC 
 and 

MORGAN STANLEY SENIOR FUNDING, INC., 

Joint Lead Arrangers and Joint Book Managers 
  

 
  

 

	1 	RBC Capital Markets is the global brand name of the corporate and investment banking business of Royal Bank of Canada and its affiliates. 

  
 1 

 SECOND AMENDMENT TO 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 

THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Second Amendment”) dated as of
October 16, 2015 is among SANDRIDGE ENERGY, INC., a Delaware corporation (the “Borrower”), each of the Guarantors party hereto, each of the Lenders party hereto and ROYAL BANK OF CANADA, as administrative agent for the Lenders
(in such capacity, together with its successors in such capacity, the “Administrative Agent”). 
 R E C I T A L S

 A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of June 10,
2015, as amended by the First Amendment, dated as of August 13, 2015 (the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 

B. The Borrower has requested, and the Administrative Agent and the Required Lenders party hereto have agreed, to make certain changes to the
Credit Agreement and to determine the Borrowing Base pursuant to Section 2.05 of the Credit Agreement. 
 C. NOW, THEREFORE, to induce
the Administrative Agent and the Lenders party hereto to enter into this Second Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement. Unless otherwise indicated, all section references in this Second Amendment refer to sections of the Credit Agreement. Upon and after the execution of this Second Amendment by
each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to
“the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby. 

Section 2. Amendments to Credit Agreement. 

2.1 Amendment to Section 2.06(b). Section 2.06(b) is hereby amended by amending and restating clause (ii) thereof as
follows: 
 “(ii) Upon completion of (A) any early termination of any Hedge Transaction used in determining the
Borrowing Base on the immediately preceding Determination Date or (B) the Disposition of any assets included in the Borrowing Base on the immediately preceding Determination Date, the effect of which termination or Disposition would be a
reduction in the Borrowing Base then in effect of 10.0% or more on a pro forma basis, the Borrowing Base shall immediately and automatically upon consummation of such transaction be reduced by the Borrowing Base contribution of such Hedge
Transaction or assets, and all Net Cash Proceeds from the termination of such Hedge Transaction or the Disposition of such assets shall be applied to reduce or eliminate any Borrowing Base Deficiency resulting from such reduction; provided,
that until the Determination Date associated with the Scheduled Determination based on the Engineering Report required to be delivered by the Borrower by April 1, 2016, there shall not be any reduction of the Borrowing Base as a result of an
early termination of a Hedge Transaction pursuant this Section 2.06(b)(ii).” 

 2.2 Amendment to Article VI. Article VI is hereby amended by inserting the following
therein as new Section 6.17 thereof: 
 “Section 6.17 Post-Closing Changes. The Borrower shall notify the Administrative
Agent within 30 days of any change made to a Loan Party’s name, type of organization, jurisdiction of organization, organizational identification number or location from those set forth in the schedules to the Security Agreement.” 

2.3 Amendment to Section 7.12. Section 7.12 is hereby amended by amending and restating the second sentence of such Section
as follows: 
 “Notwithstanding the foregoing, the Loan Parties may purchase commodity puts and floors without limitation.” 

2.4 Amendment to Section 7.15(a). Section 7.15(a) is hereby amended by (a) deleting the words “of principal and
interest” in the first parenthetical of clause (a) thereof and (b) replacing the reference to “$200,000,000” in clause (v) thereof with “$275,000,000”. 

Section 3. Borrowing Base. For the period from and including the Amendment Effective Date until the next Redetermination Date, the Required
Lenders affirm the Borrowing Base at $500,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.05(b)(ii), Section 2.05(b)(iv), Section 7.03(l), or
Section 7.05(g). For the avoidance of doubt, the redetermination of the Borrowing Base contained in this Section 3 constitutes the Scheduled Redetermination for October 1, 2015 pursuant to Section 2.05 of the Credit Agreement.

 Section 4. Conditions Precedent. This Second Amendment shall not become effective until the date on which each of the following conditions is
satisfied (such date, the “Amendment Effective Date”): 
 4.1 The Administrative Agent shall have received from
(a) the Borrower, (b) the Guarantors and (c) Lenders sufficient to constitute the Required Lenders, counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment signed on behalf of such
Person. 
 4.2 The Administrative Agent and the Lenders shall have received all amounts due and payable on or prior to the Amendment
Effective Date, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement. 

4.3 The representations and warranties of the Borrower and each Guarantor contained in Article 5 of the Credit Agreement or any other
Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or if such representation or warranty is qualified by materiality or
reference to Material Adverse Effect, such representation or warranty shall be true and correct in all respects) on and as of the Amendment Effective Date except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects(or if such representation or warranty is qualified by materiality or reference to Material Adverse Effect, such representation or warranty shall be true and correct in all
respects) as of such earlier date and the representations and warranties contained in subsection (a) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clause (a) of
Section 6.01 of the Credit Agreement. 

  
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 4.4 No Default or Event of Default shall have occurred and be continuing as of the Amendment
Effective Date, after giving effect to the terms of this Second Amendment. 
 The Administrative Agent is hereby authorized and directed to
declare this Second Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such
conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 5. Miscellaneous. 
 5.1
Confirmation. The provisions of the Credit Agreement, as amended by this Second Amendment, shall remain in full force and effect following the effectiveness of this Second Amendment. 

5.2 Ratification and Affirmation; Representations and Warranties. Each of the Loan Parties hereby (a) ratifies and affirms its
obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended
hereby and (b) represents and warrants to the Lenders that as of the Amendment Effective Date, after giving effect to the terms of this Second Amendment all of the representations and warranties contained in each Loan Document to which it is a
party are true and correct in all material respects (or if such representation or warranty is qualified by materiality or reference to Material Adverse Effect, such representation or warranty shall be true and correct in all respects), except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they shall continue to be true and correct, in all material respects (or if such representation or warranty is qualified by materiality or reference
to Material Adverse Effect, such representation or warranty shall be true and correct in all respects), as of such earlier date and the representations and warranties contained in subsection (a) of Section 5.05 of the Credit Agreement
shall be deemed to refer to the most recent statements furnished pursuant to clause (a) of Section 6.01 of the Credit Agreement. 

5.3 No Waiver; Loan Document. The execution, delivery and effectiveness of this Second Amendment shall not operate as a waiver of any
right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the Amendment Effective Date, this Second Amendment shall for all
purposes constitute a Loan Document. 
 5.4 Release. The Borrower and each Guarantor, in consideration of the Administrative
Agent’s and the undersigned Lenders’ execution and delivery of this Second Amendment and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, unconditionally, freely, voluntarily and,
after consultation with counsel and becoming fully and adequately informed as to the relevant facts, circumstances and consequences, releases, waives and forever discharges (and further agrees not to allege, claim or pursue) any and all claims,
rights, causes of action, counterclaims or defenses of any kind whatsoever, in contract, in tort, in law or in equity, whether known or unknown, direct or derivative, which the Borrower, each Guarantor or any predecessor, successor or assign might
otherwise have or may have against the Administrative Agent, the Lenders, their present or former subsidiaries and affiliates or any of the foregoing’s officers, directors, employees, attorneys or other representatives or agents on account of
any conduct, condition, act, omission, event, contract, liability, obligation, demand, covenant, promise, indebtedness, claim, right, cause of action, suit, 

  
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damage, defense, circumstance or matter of any kind whatsoever which existed, arose or occurred at any time prior to the Amendment Effective Date relating to the Loan Documents, this Second
Amendment and/or the transactions contemplated thereby or hereby. The foregoing release shall survive the termination of this Second Amendment. 

5.5 Counterparts. This Second Amendment may be executed by one or more of the parties hereto in any number of separate counterparts,
and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Second Amendment by facsimile or electronic transmission in portable document format (.pdf) shall be effective as delivery of a
manually executed counterpart hereof. 
 5.6 NO ORAL AGREEMENT. THIS SECOND AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. AS OF THE DATE OF THIS SECOND AMENDMENT, THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 
 5.7 GOVERNING
LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 [SIGNATURES BEGIN
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 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed as
of the date first written above. 
  

							
	BORROWER:	 		 	 SANDRIDGE ENERGY, INC. 

				
		 		 	By:	 	 /s/ Julian Bott

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President & Chief Financial Officer
			
	GUARANTORS:	 		 	SANDRIDGE OPERATING COMPANY
				
		 		 	By:	 	 /s/ Julian Bott

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President & Chief Financial Officer
			
		 		 	INTEGRA ENERGY, L.L.C.
				
		 		 	By:	 	SANDRIDGE EXPLORATION AND PRODUCTION, LLC, managing member
				
		 		 	By:	 	 /s/ Julian Bott

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President & Chief Financial Officer
			
		 		 	LARIAT SERVICES, INC.
				
		 		 	By:	 	 /s/ Julian Bott

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President & Chief Financial Officer
			
		 		 	SANDRIDGE HOLDINGS, INC.
				
		 		 	By:	 	 /s/ Julian Bott

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President & Chief Financial Officer

 [Signature Page to Second Amendment] 

 
			
	CEBA GATHERING, LLC
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President & Chief Financial Officer

 [Signature Page to Second Amendment] 

									
	ADMINISTRATIVE AGENT:	 		 		 	 ROYAL BANK OF CANADA, as the

Administrative Agent

					
		 		 		 	By:	 	 /s/ Yvonne Brazier

		 		 		 	Name:	 	Yvonne Brazier
		 		 		 	Title:	 	Manager, Agency

 [Signature Page to Second Amendment] 

									
	LENDERS:	 		 	ROYAL BANK OF CANADA, individually as a Lender
					
		 		 	By:	 		 	 /s/ Don J. McKinnerney

		 		 	Name:	 		 	Don J. McKinnerney
		 		 	Title:	 		 	Authorized Signatory

 [Signature Page to Second Amendment] 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ May Huang

	Name:	 	May Haung
	Title:	 	Assistant Vice President

 [Signature Page to Second Amendment] 

 
			
	UBS AG, STAMFORD BRANCH, as a Lender
		
	By:	 	 /s/ Darlene Arias

	Name:	 	Darlene Arias
	Title:	 	Director
		
	By:	 	 /s/ Craig Pearson

	Name:	 	Craig Pearson
	Title:	 	Associate Director

 [Signature Page to Second Amendment] 

 
			
	 SUNTRUST BANK, as a Lender

		
	 By:
	 	 /s/ Yann Pirio

	 Name:
	 	 Yann Pirio

	 Title:
	 	 Managing Director

 [Signature Page to Second Amendment] 

 
			
	NATIXIS, NEW YORK BRANCH., as a Lender
		
	By:	 	 /s/ Stuart Murray

	Name:	 	Stuart Murray
	Title:	 	Managing Director
		
	By:	 	 /s/ Vikram Nath

	Name:	 	Vikram Nath
	Title:	 	Vice President

 [Signature Page to Second Amendment] 

 
			
	CITIZENS BANK, N.A., as a Lender
		
	By:	 	 /s/ Scott Donaldson

	Name:	 	Scott Donaldson
	Title:	 	Senior Vice President

 [Signature Page to Second Amendment] 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Matthew L. Molero

	Name:	 	Matthew L. Molero
	Title:	 	Sr. Vice President

 [Signature Page to Second Amendment] 

 
			
	GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender
		
	By:	 	 /s/ Michelle Latzoni

	Name:	 	Michelle Latzoni
	Title:	 	Authorized Signatory

 [Signature Page to Second Amendment] 

 
			
	NEXTERA ENERGY POWER MARKETING, LLC, as a Lender
		
	By:	 	 /s/ Michael C. Toal

	Name:	 	Michael C. Toal
	Title:	 	Vice President

 [Signature Page to Second Amendment] 

 
			
	MACQUARIE BANK LIMITED, as a Lender
		
	By:	 	 /s/ Robert Trevena

	Name:	 	Robert Trevena
	Title:	 	Division Director

 [Signature Page to Second Amendment]Exhibit 10.1

 

SECOND AMENDMENT

AND JOINDER

 

THIS SECOND AMENDMENT AND JOINDER dated as of October 14, 2015 (this “Amendment”) to that certain Amended and Restated Credit and Guaranty Agreement referenced below is by and among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership (“Parent Borrower”), VENTAS CANADA FINANCE LIMITED, a Nova Scotia limited company (“Ventas Canada Finance Limited”), VENTAS UK FINANCE, INC., a Delaware corporation (“Ventas UK Finance”), VENTAS EURO FINANCE, LLC, a Delaware limited liability company (“Ventas Euro Finance” and together with Ventas Canada Finance Limited and Ventas UK Finance, the “New Borrowers” and each individually a “New Borrower”), VENTAS SSL ONTARIO II, INC., an Ontario corporation (“Ventas SSL II”), and VENTAS SSL ONTARIO III, INC., an Ontario corporation (“Ventas SSL III” and together with the Parent Borrower, the New Borrowers and Ventas SSL II, the “Borrowers” and each individually a “Borrower”), VENTAS, INC., a Delaware corporation (“Ventas”) as guarantor, the Lenders identified on the signature pages hereto, and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and as Swing Line Lender, L/C Issuer and Alternative Currency Fronting Lender.

 

W I T N E S S E T H

 

WHEREAS, a revolving credit and term loan facility was established in favor of the Borrowers pursuant to the terms of that certain Amended and Restated Credit and Guaranty Agreement, dated as of December 9, 2013, among the Borrowers, Ventas, the financial institutions party thereto from time to time, as lenders (the “Lenders”) and the Administrative Agent (as amended, supplemented or otherwise modified prior to the effectiveness of this Amendment, the “Existing Credit Agreement”);

 

WHEREAS, the Parent Borrower has requested that each of the New Borrowers be permitted to join the Existing Credit Agreement as Borrowers for all purposes of the Existing Credit Agreement and the other Loan Documents;

 

WHEREAS, the Borrowers, Ventas, the Lenders and the Administrative Agent have agreed to amend the Existing Credit Agreement as set forth herein to reflect the addition of the New Borrowers as parties to the Existing Credit Agreement;

 

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

 

PART 1

DEFINITIONS

 

SUBPART 1.1  Definitions.  Unless otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in the Existing Credit Agreement.

 

 

PART 2

AMENDMENTS TO EXISTING CREDIT AGREEMENT

 

Effective on (and subject to the occurrence of) the Second Amendment Effective Date (as defined in Subpart 4.1), the Existing Credit Agreement is hereby amended in accordance with this Part 2.

 

SUBPART 2.1                Amendments to Introductory Paragraph. The introductory paragraph of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

This AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT, dated as of December 9, 2013 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership (“Parent Borrower”), VENTAS SSL ONTARIO II, INC., an Ontario corporation (“Ventas SSL II”), VENTAS SSL ONTARIO III, INC., an Ontario corporation (“Ventas SSL III”), VENTAS CANADA FINANCE LIMITED, a Nova Scotia limited company (“Ventas Canada Finance Limited”), VENTAS UK FINANCE, INC., a Delaware corporation (“Ventas UK Finance”), VENTAS EURO FINANCE, LLC a Delaware limited liability company (“Ventas Euro Finance”), and each of the entities from time to time executing a Borrower Joinder Agreement (together with the Parent Borrower, Ventas SSL II, Ventas SSL III, Ventas Canada Finance Limited, Ventas UK Finance and Ventas Euro Finance, the “Borrowers” and each individually a “Borrower”), VENTAS, INC., a Delaware corporation (“Ventas”) as guarantor, the lending institutions party hereto from time to time (each, a “Lender” and collectively, the “Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and Alternative Currency Fronting Lender.

 

SUBPART 2.2                Amendments to Section 1.1.

 

(a)                                 The definition of “Eurocurrency Rate” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended by deleting clause (a)(ii) thereof in its entirety and replacing it with the following:

 

(ii) denominated in Canadian Dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”), or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in such case, the “CDOR Rate”) at or about 10:00 a.m. (Toronto, Ontario time) on the Rate Determination Date (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent) (or if such day is not a Business Day, then on the immediately preceding Business Day);

 

(b)                                 The definition of “Foreign Borrower” set forth in Section 1.1 of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

“Foreign Borrower” means any borrower under this Agreement, including Ventas SSL II, Ventas SSL III, Ventas Canada Finance Limited, organized in any jurisdiction other than the United States (or any political subdivision thereof).

 

(c)                                  The definition of “Loan Documents” set forth in Section 1.1 of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

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“Loan Documents” means this Agreement, each Note, each Issuer Document, each Borrower Joinder Agreement and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.17 and the Engagement Letter.

 

(d)                                 The definition of “Sanctions” set forth in Section 1.1 of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

“Sanction(s)” means, with respect to any Person, any international economic sanction administered or enforced by the United States Government (including, without limitation, OFAC), the Canadian Government, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority, in each case to the extent applicable to such Person.

 

(e)                                  The following new definitions are hereby added in appropriate alphabetical order:

 

“Borrower Joinder Agreement” means a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent pursuant to which one or more Persons deemed acceptable by the Administrative Agent in its reasonable discretion become party to this Agreement and the other Loan Documents as a Borrower; provided, that (i) the Borrowers shall notify the Administrative Agent not less than fifteen Business Days (or such shorter period as may be agreed by the Administrative Agent in its sole discretion) prior to the effectiveness of each such joinder agreement and (ii) as a condition to becoming a Borrower under this Agreement, such Person shall promptly deliver to the Administrative Agent (i) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents, (ii) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Credit Party is duly organized or formed, and that each Credit Party is validly existing, in good standing and qualified to engage in business in its jurisdiction of organization and in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, (iii) such documentation and other information as the Administrative Agent or any Lender may reasonably request that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and (iv) favorable opinions of domestic and/or foreign counsel to such Person, addressed to the Administrative Agent and each Lender.

 

“Canadian Defined Benefit Pension Plan” means a Canadian Pension Plan that contains a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada) in respect of which a Credit Party or any Subsidiary has any obligation or contingent obligation.

 

“Canadian Pension Plan” means any pension plan that is subject to the Pension Benefits Act (Ontario) or any other similar legislation in any other jurisdiction of Canada for employees in Canada and former employees in Canada of the Credit Parties or any of their Subsidiaries.

 

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SUBPART 2.3                Amendments to Section 2.11.  Section 2.11 of the Existing Credit Agreement is hereby amended by deleting the first sentence thereof in its entirety and replacing it with the following:

 

All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate), Canadian Term B Loans and Loans determined by reference to the CDOR Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.

 

SUBPART 2.4                Amendments to Section 3.03.  Section 3.03 of the Existing Credit Agreement is hereby amended by deleting the words “are not being offered to banks in the London interbank market” and replacing them with the words “are not being offered to banks in the applicable interbank market”.

 

SUBPART 2.5                Amendments to Section 3.04.  Section 3.04 of the Existing Credit Agreement is hereby amended by deleting the words “impose on any Lender or the L/C Issuer or the London interbank market” in clause (a)(iii) and replacing them with the words “impose on any Lender or the L/C Issuer or the applicable interbank market”.

 

SUBPART 2.6                Amendments to Section 3.05.  Section 3.05 of the Existing Credit Agreement is hereby amended by deleting the last paragraph thereof in its entirety and replacing it with the following:

 

For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the applicable interbank market for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded.

 

SUBPART 2.7                Amendments to Section 5.12.  Section 5.12 of the Existing Credit Agreement is hereby amended by adding the following new clauses to the end thereof:

 

(d)                                 No Credit Party or any Subsidiary has any liability or contingent liability in respect of a Canadian Defined Benefit Pension Plan.

 

(e)                                  Each Canadian Pension Plan is in compliance in all material respects with the applicable provisions of all Laws, except for such non-compliance as could not reasonably be expected to have a Material Adverse Effect.  Each Canadian Pension Plan has been registered with the Canada Revenue Agency and, to the knowledge of the Credit Parties, no event has occurred which would prevent, or cause the loss of, such registration.  Each Credit Party and each Subsidiary have made all required contributions to each Canadian Pension Plan, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(f)                                   There are no pending or, to the knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Canadian Pension Plan that could reasonably be expected to have a Material Adverse Effect.  To the knowledge of the Credit Parties, there has been no violation of fiduciary duty with respect to any Canadian Pension Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

SUBPART 2.8                Amendments to Section 6.13.  Section 6.13 of the Existing Credit Agreement is hereby amended by adding the following to the end thereof:

 

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and (c)          (i) comply with the applicable provisions of Law with respect to each Canadian Pension Plan, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (ii) furnish to the Administrative Agent (x) within five (5) Business Days after any Responsible Officer or any Subsidiary knows or has reason to know that an event has occurred in respect of a Canadian Pension Plan that, alone or together with any other event relating to a Canadian Pension Plan, could reasonably be expected to result in liability of any Credit Party or any Subsidiary in an aggregate amount exceeding the Threshold Amount or the imposition of a Lien (other than any Lien permitted under Section 7.01 hereof), a statement setting forth details as to such event and the action, if any, that the Credit Party or Subsidiary proposes to take with respect thereto, and (y) upon request by the Administrative Agent, copies of (1) each annual information return filed by the Borrower or any Subsidiary with any Governmental Authority with respect to each Canadian Pension Plan; (2) all notices received by any Credit Party or any Subsidiary from any Governmental Authority concerning a breach of Law with respect to any Canadian Pension Plan; and (3) such other documents or governmental reports or filings relating to any Canadian Pension Plan as the Administrative Agent shall reasonably request.

 

SUBPART 2.9                Amendments to Article VII.  Article VII of the Existing Credit Agreement is hereby amended by adding the following new Section 7.11 to the end thereof:

 

Section 7.11  Canadian Pension Plans.

 

Incur any liability or contingent liability in respect of a Canadian Defined Benefit Pension Plan; provided, that a Credit Party or its Subsidiaries may maintain, sponsor or contribute to a Canadian Defined Benefit Pension Plan or acquire an interest in any Person that maintains, sponsors or contributes to a Canadian Defined Benefit Pension Plan, so long as the greater of the wind-up deficiency or solvency deficiency in respect of all such Canadian Defined Benefit Plans, as identified in the last valuation report filed with the applicable pension regulator in respect of each such Canadian Defined Benefit Plan, does not in the aggregate at any time exceed the Threshold Amount.

 

SUBPART 2.10         Amendments to Section 8.01.  Section 8.01 of the Existing Credit Agreement is hereby amended by deleting clause (i) in its entirety and replacing it with the following:

 

(i)                                     ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result in liability of a Credit Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) any failure by any Credit Party or any Subsidiary to perform its obligations under a Canadian Pension Plan if such failure has resulted or could reasonably be expected to result in liability of a Credit Party or a Subsidiary in an aggregate amount in excess of the Threshold Amount; or

 

PART 3

JOINDER

 

SUBPART 3.1  Joinder of New Borrowers.  Each New Borrower hereby acknowledges, agrees and confirms that, by its execution of this Amendment, such New Borrower will be deemed to be a party to the Credit Agreement and a “Borrower” for all purposes of the Credit Agreement and the other Loan

 

5

 

Documents, and shall have all of the obligations of a Borrower thereunder as if it had executed the Existing Credit Agreement and such other Loan Documents.  Each New Borrower hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions applicable to the Borrowers contained in the Credit Agreement.  Without limiting the generality of the foregoing terms of this Section 3.1 but subject to Section 2.19(i) of the Existing Credit Agreement, each New Borrower hereby (i) jointly and severally together with the other Borrowers, agrees to promptly pay and perform the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof.

 

PART 4

CONDITIONS TO EFFECTIVENESS

 

SUBPART 4.1  Second Amendment Effective Date.  This Amendment shall be and become effective as of the date hereof (the “Second Amendment Effective Date”) when all of the following conditions shall have been satisfied:

 

(a)                                 Execution of Counterparts of Amendment.  The Administrative Agent shall have received counterparts of this Amendment, which collectively shall have been duly executed on behalf of each of the Credit Parties (including each New Borrower), the Required Lenders and the Administrative Agent.

 

(b)                                 Corporate Matters.  The Administrative Agent shall have received the following, each of which shall be originals or telecopies or electronic copies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Second Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the Second Amendment Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)                                     such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents;

 

(ii)                                  such documents and certifications as the Administrative Agent may reasonably require to evidence that each Credit Party is duly organized or formed, and that each Credit Party is validly existing, in good standing and qualified to engage in business in its jurisdiction of organization and in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

(iii)                               favorable opinions of domestic and/or foreign counsel to the New Borrowers, addressed to the Administrative Agent and each Lender, in form and substance satisfactory to the Administrative Agent;

 

(c)                                  Patriot Act.  The New Borrowers shall have provided the documentation and other information to the Lenders that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act.

 

6

 

PART 5

MISCELLANEOUS

 

SUBPART 5.1  Representations and Warranties.  The Credit Parties affirm that, immediately before and immediately after giving effect to this Amendment, (a) the representations and warranties set forth in the Existing Credit Agreement and the other Loan Documents are true and correct in all material respects as of the date hereof (except those which expressly relate to an earlier period or date) and (b) no Default exists.

 

SUBPART 5.2  Guarantor Acknowledgment.  Each Guarantor hereby (a) acknowledges and consents to all of the terms and conditions of this Amendment and (b) reaffirms that, jointly and severally together with the other Guarantors, it guarantees the prompt payment and performance of their obligations as provided in Article XI of the Existing Credit Agreement.

 

SUBPART 5.3  References in Other Credit Documents.  On and after the Second Amendment Effective Date, all references to the Existing Credit Agreement in each of the Loan Documents shall hereafter mean the Existing Credit Agreement as amended by this Amendment.  Except as specifically amended hereby, the Existing Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

 

SUBPART 5.4  Counterparts/Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.  Delivery by any party hereto of an executed counterpart of this Amendment by facsimile or other electronic means shall be effective as such party’s original executed counterpart and shall constitute a representation that such party’s original executed counterpart will be delivered upon request by the Administrative Agent.

 

SUBPART 5.5  Governing Law.  This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely within such state.

 

SUBPART 5.6  FATCA.  For purposes of determining withholding Taxes imposed under the Foreign Account Tax Compliance Act (FATCA), from and after the effective date of this Amendment, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

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7

 

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the day and the year first above written.

 

	
BORROWERS:
    	
VENTAS REALTY, LIMITED   PARTNERSHIP
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Ventas, Inc., its   General Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert F. Probst
    
	
 
    	
 
    	
Name:
    	
Robert F. Probst
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VENTAS SSL ONTARIO   II, INC.
    
	
 
    	
VENTAS SSL ONTARIO   III, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John D. Cobb
    
	
 
    	
 
    	
Name:
    	
John D. Cobb
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VENTAS CANADA FINANCE   LIMITED
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John D. Cobb
    
	
 
    	
 
    	
Name:
    	
John D. Cobb
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VENTAS UK   FINANCE, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John D. Cobb
    
	
 
    	
 
    	
Name:
    	
John D. Cobb
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VENTAS EURO FINANCE,   LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John D. Cobb
    
	
 
    	
 
    	
Name:
    	
John D. Cobb
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

 

	
GUARANTOR:
    	
VENTAS, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert F. Probst
    
	
 
    	
 
    	
Name:
    	
Robert F. Probst
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
ADMINISTRATIVE AGENT:
    	
BANK OF AMERICA, N.A., as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Yinghua Zhang
    
	
 
    	
Name:
    	
Yinghua Zhang
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
LENDERS:
    	
BANK OF AMERICA, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Yinghua Zhang
    
	
 
    	
Name:
    	
Yinghua Zhang
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CITIBANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Rowland
    
	
 
    	
Name:
    	
John Rowland
    
	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CREDIT AGRICOLE   CORPORATE AND INVESTMENT BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Amy Trapp
    
	
 
    	
Name:
    	
Amy Trapp
    
	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Alistair Anderson
    
	
 
    	
Name:
    	
Alistair Anderson
    
	
 
    	
Title:
    	
Vice President
    
					

 

 

	
 
    	
ROYAL BANK OF CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rina Kansagra
    
	
 
    	
Name:
    	
Rina Kansagra
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TORONTO DOMINION (NEW   YORK) LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robyn Zeller
    
	
 
    	
Name:
    	
Robyn Zeller
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
UBS AG, STAMFORD BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Darlene Arias
    
	
 
    	
Name:
    	
Darlene Arias
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Denise Bushee
    
	
 
    	
Name:
    	
Denise Bushee
    
	
 
    	
Title:
    	
Associate Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Credit Suisse AG,   Cayman Islands Branch
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bill O’Daly
    
	
 
    	
Name:
    	
Bill O’Daly
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Franziska Schoch
    
	
 
    	
Name:
    	
Franziska Schoch
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE BANK OF   TOKYO-MITSUBISHI UFJ, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott O’Connell
    
	
 
    	
Name:
    	
Scott O’Connell
    
	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
COMPASS BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brian Tuerff
    
	
 
    	
Name:
    	
Brian Tuerff
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GOLDMAN SACHS BANK USA
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michelle Latzoni
    
	
 
    	
Name:
    	
Michelle Latzoni
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MORGAN STANLEY BANK,   N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Emanuel Ma
    
	
 
    	
Name:
    	
Emanuel Ma
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MORGAN STANLEY SENIOR   FUNDING, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Emanuel Ma
    
	
 
    	
Name:
    	
Emanuel Ma
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrea S Chen
    
	
 
    	
Name:
    	
Andrea S. Chen
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
RBS CITIZENS, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kerri Colwell
    
	
 
    	
Name:
    	
Kerri Colwell
    
	
 
    	
Title:
    	
SVP
    

 

 

	
 
    	
CAPITAL ONE, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott Rossbach
    
	
 
    	
Name:
    	
Scott Rossbach
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CITY NATIONAL BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bob Bessor
    
	
 
    	
Name:
    	
Bob Bessor
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE NORTHERN TRUST   COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Curt Bowers
    
	
 
    	
Name:
    	
Curt Bowers
    
	
 
    	
Title:
    	
Officer

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