SEC Contract Filing

Filing Date: 2015-03-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit-loanagreement.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<a name="s3e2a3005383f4676a7359da11993ea18"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;text-indent:576px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">FIRST LOAN MODIFICATION AGREEMENT</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">This First Loan Modification Agreement to that certain First Amended and Restated Loan Agreement dated June 26, 2014, is made and entered into this 13th day of March, 2015, to be effective as of the 13</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;day of March, 2015, by and between </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ERICK FLOWBACK SERVICES, LLC, </font><font style="font-family:inherit;font-size:11pt;">an Oklahoma limited liability company (&#8220;EFS&#8221;), and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROD&#8217;S PRODUCTION SERVICES, L.L.C</font><font style="font-family:inherit;font-size:11pt;">. a Delaware limited liability company (&#8220;RPS&#8221;)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">(collectively EFS and RPS are referred to as the &#8220;Borrowers&#8221;), </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MARK SNODGRASS</font><font style="font-family:inherit;font-size:11pt;">, an individual, and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BRIAN AUSTIN</font><font style="font-family:inherit;font-size:11pt;">, an individual, and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MCE, LP</font><font style="font-family:inherit;font-size:11pt;">, a Delaware limited partnership (&#8220;MCE&#8221;) (herein collectively &#8220;Guarantors&#8221;) and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BANK 7, </font><font style="font-family:inherit;font-size:11pt;">1039 NW 63</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">rd</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;St., Oklahoma City, OK 73116 (&#8220;Bank 7&#8221; or &#8220;Lender&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WITNESSETH</font><font style="font-family:inherit;font-size:11pt;">:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, on June 26, 2014, Borrowers executed and delivered to Lender that certain First Amended and Restated Promissory Note in the face amount of $12,800,000.00 (&#8220;Note 1&#8221;), and that certain Promissory Note in the amount of $4,000,000.00 (&#8220;Note 2&#8221;), and</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, on June 26, 2014, Guarantors executed and delivered to Lender their respective Guaranty Agreements; and</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, Borrowers and Guarantors have requested that certain of the terms and provisions of the First Amended and Restated Loan Agreement dated June 26, 2014 (&#8220;Loan Agreement&#8221;) and the Loan Documents identified therein be modified, and </font></div><div style="line