SEC Contract Filing

Filing Date: 2015-07-28

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d18182dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIMITED CONSENT AND FIFTH AMENDMENT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS LIMITED CONSENT AND FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (hereinafter referred to as the
&#147;<U>Amendment</U>&#148;) is dated as of July&nbsp;27, 2015 (the &#147;<U>Fifth Amendment Effective Date</U>&#148;), by and among EXCO RESOURCES, INC. (&#147;<U>Borrower</U>&#148;), CERTAIN SUBSIDIARIES OF BORROWER, as Guarantors (the
&#147;<U>Guarantors</U>&#148;), the LENDERS party hereto (the &#147;<U>Lenders</U>&#148;), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (&#147;<U>Administrative Agent</U>&#148;). Unless the context otherwise requires or unless otherwise
expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in the Credit Agreement as amended herein (as defined below). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WITNESSETH: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Borrower, the Guarantors, Administrative Agent and the Lenders have entered into that certain Amended and Restated Credit
Agreement dated as of July&nbsp;31, 2013 (as the same has been amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the &#147;<U>Existing Agreement</U>&#148; and as further amended
by this Amendment, the &#147;<U>Credit Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Borrower has informed the Administrative Agent and the
Lenders that it has entered into that certain Services and Investment Agreement dated as of March&nbsp;31, 2015 (the &#147;<U>ESAS Agreement</U>&#148;) by and among Borrower and Energy Strategic Advisory Services LLC, a Delaware limited liability
company (&#147;<U>ESAS</U>&#148;), whereby (a)&nbsp;ESAS has agreed to (i)&nbsp;provide certain strategic advisory services to Borrower (collectively the &#147;<U>ESAS Services</U>&#148;) in exchange for (1)&nbsp;Borrower&#146;s payment to ESAS of a
monthly services fee and an annual incentive fee (the &#147;<U>ESAS Fees</U>&#148;), which incentive fee will be based on the price of Borrower&#146;s publicly traded common stock achieving certain performance hurdles as compared to a peer group of
companies similar to Borrower (the &#147;<U>Peer Group</U>&#148;) and (2)&nbsp;warrants to purchase up to an aggregate of 80,000,000 shares of Borrower&#146;s common stock (the &#147;<U>ESAS Warrants</U>&#148; and together with the ESAS Services and
the ESAS Fees collectively, the &#147;<U>ESAS Affiliate Transactions</U>&#148;), the exercise of which is subject to the price of Borrower&#146;s publicly traded common stock achieving certain performance hurdles as compared to the Peer Group and
(ii)&nbsp;purchase 5,882,353 shares of Borrower&#146;s common stock from Borrower and purchase shares of Borrower&#146;s common stock in the open market, in each case subject to the terms and conditions set forth in the ESAS Agreement (such share
purchases collectively with the ESAS Warrants, the &#147;<U>ESAS Investment</U>&#148;), (b)&nbsp;Borrower will appoint C. John Wilder as a director on its Board of Directors and appoint him to the newly created position of Executive Chairman of its
Board of Directors (the &#147;<U>Board Appointment</U>&#148;) and (c)&nbsp;in connection with such appointment, Borrower will be required to amend its articles of incorporation and bylaws to, among other things, (i)&nbsp;increase the authorized
number of shares of the Company&#146;s common stock, (ii)&nbsp;include a waiver of the duty of directors to present corporate opportunities to the Borrower, and (iii)&nbsp;to establish and describe the position of Executive Chairman of the
Borrower&#146;s Board of Directors (collectively, the &#147;<U>Organizational Document Amendments</U>&#148; and together with the ESAS Affiliate Transactions, the ESAS Investment and the Board Appointment collectively, the &#147;<U>ESAS
Transactions</U>&#148;); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fifth Amendment to Amended and Restated
Credit Agreement &#150; Page 1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Borrower has requested that Administrative Agent and the Lenders enter into this
Amendment to (a)&nbsp;effective as of the Fifth Amendment Effective Date, amend certain terms of the Existing Agreement as set forth in <U>Section&nbsp;1</U> hereof and (b)&nbsp;effective as of the ESAS Transactions Effective Date (as defined
below), (i)&nbsp;amend certain terms of the Existing Agreement as set forth in <U>Section&nbsp;2</U> hereof to permit the ESAS Transactions and (ii)&nbsp;consent to the ESAS Affiliate Transactions and the Organizational Document Amendments; and </P>
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