SEC Contract Filing

Filing Date: 2019-04-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>fieldpoint_10ez1.htm
<DESCRIPTION>NINTH AMENDMENT TO LOAN AGREEMENT
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2019 [PPXHTNTX612AVH94LNVJ]. www.edgarsuite.com -->
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:12pt'><FONT style=font-size:10pt><B>NINTH AMENDMENT TO LOAN AGREEMENT </B></FONT><BR><FONT style=font-size:10pt><B>AND THIRD AMENDMENT TO FORBEARANCE AGREEMENT</B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt>THIS NINTH AMENDMENT TO LOAN AGREEMENT AND THIRD AMENDMENT TO FORBEARANCE AGEEMENT is entered into as of July&#160;25, 2018 (the <B><I>&#8220;Ninth Amendment to Loan Agreement,&#8221;</I></B> or this <B><I>&#8220;Amendment&#8221;</I></B>), between <B>FIELDPOINT PETROLEUM CORPORATION</B>,<B> </B>a Colorado corporation (<B><I>&#8220;Borrower&#8221;</I></B>) and <B>CITIBANK, N.A.</B>, a national banking association (<B><I>&#8220;Lender&#8221;</I></B>).</FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>R</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>E</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>C</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>I</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>T</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>A</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>L</B></FONT><FONT style=font-size:10pt><B> </B></FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>S</B></FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:36pt'>A.</KBD><KBD style=margin-left:72pt></KBD><FONT style=font-size:10pt>Borrower and Lender are parties to the Existing Credit Agreement (refer to </FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Section&#160;1</FONT><FONT style=font-size:10pt> for terms not defined in the body of this Amendment), including the Existing Forbearance Agreement defined below with respect to certain Specified Defaults.</FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:36pt'>B.</KBD><KBD style=margin-left:72pt></KBD><FONT style=font-size:10pt>Borrower has requested certain amendments to the Existing Credit Agreement and the terms of the Forbearance Agreement. &nbsp;Subject to the terms and conditions herein, the Lender has agreed to such amendments, to be effective as of the Effective Date (unless otherwise expressly provided herein).</FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt>NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:36pt'>1.</KBD><KBD style=margin-left:72pt></KBD><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>Same Terms</B></FONT><FONT style=font-size:10pt>. &nbsp;All terms used herein which are defined in the Existing Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. &nbsp;In addition, (i)&#160;all references in the Loan Documents to the &#8220;Agreement&#8221;<B><I> </I></B>shall mean the Existing Credit Agreement, as amended by this Amendment, as the same shall hereafter be amended from time to time, and (ii)&#160;all references in the Loan Documents to the &#8220;Loan Documents&#8221; shall mean the Loan Documents, as amended by the Modification Papers. &nbsp;In addition, the following terms have the meanings set forth below:</FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt><B><I>&#8220;Effective Date&#8221;</I></B> means the date on which the conditions specified in </FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'>Section&#160;7</FONT><FONT style=font-size:10pt> below are satisfied (or waived in writing by Lender).</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:12pt;text-indent:36pt'><FONT style=font-size:10pt><B><I>&#8220;Existing Credit Agreement&#8221;</I></B> means, collectively, that certain Loan and Security Agreement dated as of October 18, 2006, between Borrower and Lender, as amended by a First Amendment to Loan and Security Agreement &nbsp;dated May 29, 2009, a Second Amendment to Loan and Security Agreement dated August 12, 2009, a Third Amendment to Loan and Security Agreement dated November 10, 2009, a Fourth Amendment to Loan and Security Agreement dated October 17, 2011 and a Fifth Amendment to Loan and Security Agreement dated March 19, 2014, a Sixth Amendment to Loan Agreement and Forbearance Agreement dated September&#160;30, 2016, a Seventh Amendment to Loan Agreement and First Amendment to Forbearance Agreement dated December 29, 20