SEC Contract Filing

Filing Date: 2020-06-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_190870.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>THIRD AMENDMENT AND WAIVER TO SIXTH AMENDED<br>
AND RESTATED CREDIT AGREEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>THIS THIRD AMENDMENT AND WAIVER TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT</b> (herein called this &#8220;<u><b>Third Amendment</b></u>&#8221;), dated as of June 17, 2020 (the &#8220;<u><b>Effective Date</b></u>&#8221;), is entered into by and among W&amp;T OFFSHORE, INC., a Texas corporation, as the borrower (the &#8220;<u><b>Borrower</b></u>&#8221;), the Guarantor Subsidiaries party hereto, the various financial institutions parties hereto, as Lenders, TORONTO DOMINION (TEXAS) LLC, individually and as agent (in such capacity together with any successors thereto, the &#8220;<u><b>Administrative Agent</b></u>&#8221;) for the Lenders, and the issuers of letters of credit parties hereto, as issuers (collectively, the &#8220;<u><b>Issuers</b></u>&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WITNESSETH</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, the Borrower, the lenders party thereto (collectively, the &#8220;<u><b>Lenders</b></u>&#8221;), the Administrative Agent, the Issuers and the other parties thereto have heretofore executed that certain Sixth Amended and Restated Credit Agreement, dated as of October 18, 2018 (as amended, supplemented, amended and restated or otherwise modified from time to time, the &#8220;<u><b>Credit</b></u> <u><b>Agreement</b></u>&#8221;); and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, the parties hereto hereby further intend to amend certain provisions of the Credit Agreement, in each case on the terms and conditions set forth herein.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>NOW, THEREFORE</b>, in consideration of the premises and the mutual agreements herein contained, the undersigned hereby agree as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</u>. Capitalized terms used herein (including in the Recitals hereto) but not defined herein, shall have the meanings as given them in the Credit Agreement, unless the context otherwise requires.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Credit Agreement</u>. Effective as of the Third Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as set forth on <u>Exhibit A</u> attached hereto such that all of the newly inserted and underscored provisions and any formatting changes reflected therein shall be deemed inserted or made, as applicable, and all of the stricken provisions shall be deemed to be deleted therefrom. Schedules and Exhibits to the Credit Agreement shall remain as in effect under the Credit Agreement prior to the Third Amendment Effective Date.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties</u>. The Borrower hereby represents and warrants that after giving effect hereto:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties of the Borrower and its Restricted Subsidiaries contained in the Loan Documents (as amended or waived hereby) are true and correct in all material respects (unless such representation or warranty is qualified by materiality, in which event such representation or warranty shall be t