SEC Contract Filing

Filing Date: 2020-05-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>wd8k2-exh10_3.htm
<DESCRIPTION>FOURTH AMENDMENT TO CREDIT AGREEMENT
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 <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;"> EXHIBIT 10.3<br>
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 <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">FOURTH AMENDMENT TO CREDIT AGREEMENT</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">This<font style="font-weight: bold;"> FOURTH
 AMENDMENT TO CREDIT AGREEMENT</font> (this &#8220;<u>Amendment</u>&#8221;) is made and entered into effective as of May 15, 2020 (the &#8220;<u>Fourth Amendment Effective Date</u>&#8221;), by and among (A) FORBES ENERGY SERVICES LTD., a Delaware corporation (&#8220;<u>Parent</u>&#8221;);
 (B) the Subsidiaries of Parent identified on the signature pages hereto (each of such Subsidiaries, together with Parent, jointly and severally, the &#8220;<u>Borrowers</u>&#8221;
 and, each, a &#8220;<u>Borrower</u>&#8221;); (C) REGIONS BANK, an Alabama bank, in its capacities as administrative agent and collateral agent for Lenders, LC Issuer and the
 other Secured Parties (&#8220;<u>Administrative Agent</u>&#8221;); and (D) the lenders party to the Credit Agreement (collectively, the &#8220;<u>Lenders</u>&#8221;).</div>
 <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">RECITALS:</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">WHEREAS</font>,
 Borrowers, Administrative Agent and the Lenders are party to that certain Credit Agreement, dated as of November 16, 2018 (as amended, amended and restated, supplemented and/or otherwise modified from time to time prior to the date hereof, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Credit Agreement</u></font>&#8221;) pursuant to which the Lenders agreed to extend certain credit facilities to the Borrowers;</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">WHEREAS</font>,
 Borrowers desire to make certain modifications to the Credit Agreement, and Administrative Agent and the Lenders have agreed to the modification of certain provisions contained in the Credit Agreement, in each case upon the terms and conditions
 hereafter set forth.</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOW,
 THEREFORE</font>, in consideration of the premises and the mutual covenants and agreements set forth herein and for other good and valuable consideration, the mutuality, receipt and sufficiency of which are hereby acknowledged, the parties hereto
 hereby agree as follows:</div>
 <div style="margin-bottom: 12pt; text-indent: 72pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Section 1.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"><u>Definitions</u></font><font style="font-weight: bold;">.</font>&#160; All capitalized terms not defined herein shall have the meanings given to such terms in the Credit Agreement.</font></div>
 <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 2.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Amendments to Credit Agreement</u></font>.&#160; Effective as of the date hereof,
 the Credit Agreement is hereby amended (a) to delete the stricken text (indicated textually in the same manner as the following examples: <font style="color: #FF0000;"><strike>stricken
 text</strike></font> and <font style="color: #00B050;"><strike>stricken text</strike></font>) and (b) to add the double-underlined text (indicated textually in the same manner as
 the following examples: <font style="color: #0000FF;"><u style="border-bottom: 1px solid;">double-underlined text</u></font> and <font style="color: #00B050;"><u style="border-bottom: 1px solid;">double-underlined text</u></font>), in each case, as set forth in the marked copy of the Credit Agreement attached as <u>Exhibit A</u> hereto and made a part hereof for all purposes.</font></div>
 <div style="margin-bottom: 12pt; text-indent: 72pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Section 3.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"><u>Ratification</u></font>.&#160;
 Each Credit Party confirms that all of its obligations under the Loan Documents (as amended by this Amendment) are in full force and effect and are performable in accordance with their respective terms without setoff, defense, counter-claim or
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