SEC Contract Filing

Filing Date: 2016-12-12

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d309406dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</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 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 4 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO
FOURTH 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"><B></B>This Amendment No.&nbsp;4 to Fourth Amended and Restated Credit Agreement dated
as of December&nbsp;9, 2016 (this &#147;<B><U>Agreement</U></B>&#148;) is among Stone Energy Corporation, a Delaware corporation (the &#147;<B><U>Borrower</U></B>&#148;), Stone Energy Offshore, L.L.C., a Delaware limited liability company (&#147;the
<B><U>Guarantor</U></B>&#148;), the financial institutions party to the Credit Agreement described below as Banks (the &#147;<B><U>Banks</U></B>&#148;), and Bank of America, N.A., as Agent for the Banks (the &#147;<B><U>Agent</U></B>&#148;) and as
Issuing Bank (the &#147;<B><U>Issuing Bank</U></B>&#148;).<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTRODUCTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(i) The Borrower, the Banks, the Issuing Bank, and the Agent have entered into the Fourth Amended and Restated Credit Agreement dated
as of June&nbsp;24, 2014, as amended by Amendment No.&nbsp;1 dated as of May&nbsp;1, 2015, Amendment No.&nbsp;2 dated as of February&nbsp;3, 2016 and Amendment No.&nbsp;3 dated as of June&nbsp;14, 2016 (as further amended, restated, amended and
restated or otherwise modified from time to time, the &#147;<B><U>Credit Agreement</U></B>&#148;).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Borrower wishes to
amend, and the undersigned Banks party hereto have agreed to amend, the Credit Agreement on the terms and subject to the conditions set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Guarantor is party to that certain Second Amended and Restated Guaranty dated as of June&nbsp;24, 2014 (as amended, restated,
amended and restated or otherwise modified, the &#147;<U><B>Guaranty</B></U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) The Guarantor wishes to reaffirm its guarantee
of the Obligations as amended by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THEREFORE, in fulfillment of the foregoing, the Borrower, the Guarantor, the Agent, the
Issuing Bank, and the undersigned Banks hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section 1. <U>Definitions: References</U>. Unless otherwise defined in
this Agreement, each term used in this Agreement which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section 2. <U>Amendments to Credit Agreement</U>. Upon the satisfaction of the conditions specified in <U>Section&nbsp;6</U> of this
Agreement, and, unless otherwise specified, effective as of the date set forth above, <U>Section&nbsp;2.4(b)(vi)</U> of the Credit Agreement is hereby amended to read in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><I>(vi) <U>Excess Cash</U>. If at any time after December 10, 2016, through and including December 14, 2016, the aggregate amount of Liquid
Assets exceeds $180,000,000, the Borrower shall, on the next Business Day, prepay the Advances, and then Cash Collateralize the Letter of Credit Exposure, without a corresponding reduction to the aggregate Commitments or the Borrowing Base, in an
amount equal to the lesser of (A)&nbsp;such excess and (B)&nbsp;the amount required to reduce the outstanding balance of Advances to $0 and Cash Collateralize 103% </I></P>

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of the Letter of Credit Exposure. If at any time after December&nbsp;14, 2016, the aggregate amount of Liquid Assets exceeds $50,000,000, the Borrower shall, on the next Business Day, prepay the
Advances, and then Cash Collateralize the Letter of Credit Exposure, without a corresponding reduction to the aggregate Commitments or the Borrowing Base, in an amount equal to the lesser of (A)&nbsp;such excess and (B)&nbsp;the amount required to
reduce the outstanding balance of Advances to $0 and Cash Collateralize 103% of the Letter of Credit Exposure. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section 3.
<U>Reaffirmation of Liens</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the Borrower and Guarantor (i)&nbsp;is party to certain Security Documents
securing and supporting the Borrower&#146;s and Guarantor&#146;s obligations under the Credit Documents, (ii)&nbsp;represents and warrants that it has no defenses to the enforcement of the Security Documents and that according to t