SEC Contract Filing

Filing Date: 2022-10-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_432342.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>FIFTH AMENDMENT TO CREDIT AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">This FIFTH AMENDMENT TO CREDIT AGREEMENT (this &#8220;<u>Amendment</u>&#8221;) dated as of October&nbsp;14, 2022 (the &#8220;<u>Fifth Amendment Effective Date</u>&#8221;), is among <b>HIGHPEAK ENERGY, INC.</b>, a Delaware corporation (the &#8220;<u>Borrower</u>&#8221;), <b>WELLS FARGO BANK, NATIONAL ASSOCIATION</b>, as administrative agent (in such capacity, together with its successors in such capacity, the &#8220;<u>Successor Administrative Agent</u>&#8221; or the &#8220;<u>Administrative Agent</u>&#8221;, as applicable) and an Issuing Bank (in such capacity, &#8220;<u>New Issuing Bank</u>&#8221;), <b>FIFTH THIRD BANK, NATIONAL ASSOCIATION</b>, as prior administrative agent (in such capacity, together with its successors in such capacity, the &#8220;<u>Prior Administrative Agent</u>&#8221;) and an Issuing Bank (in such capacity, the &#8220;<u>Existing Issuing Bank</u>&#8221;), the Guarantors, and the Lenders party hereto.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RECITALS</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, the Prior Administrative Agent, the Exiting Lender and the Existing Lenders are party to that certain Credit Agreement dated as of December 17, 2020 (as may be amended, restated, or otherwise modified from time to time, the &#8220;<u>Credit Agreement</u>&#8221;), pursuant to which the Existing Lenders have made certain credit available to and on behalf of the Borrower.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As set forth herein, the Prior Administrative Agent has agreed to resign as administrative agent under the Loan Documents and the Successor Administrative Agent has agreed to accept appointment as successor Administrative Agent thereunder, and in connection therewith, Existing Issuing Bank will continue as an Issuing Bank under the Credit Agreement and New Issuing Bank has agreed to accept appointment as an Issuing Bank thereunder.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, the Borrower has requested amendments to certain provisions of the Credit Agreement, the addition of the New Lenders under the Credit Agreement, and a redetermination of the Borrowing Base.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, the Guarantors, the Administrative Agent, the Existing Lenders and the New Lenders (together with the Existing Lenders, collectively, the &#8220;<u>Lenders</u>&#8221;) party hereto have agreed to amend certain provisions of the Credit Agreement as more fully set forth herein.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">NOW, THEREFORE, 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:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Amendment, shall have the meaning ascribed such term in the Credit Agreement after giving