FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED
CREDIT AGREEMENT
This FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is made as of January 12, 2010, by and among ANTERO RESOURCES CORPORATION, a Delaware corporation ("Antero"), ANTERO RESOURCES MIDSTREAM CORPORATION, a Delaware corporation ("Antero Midstream"), ANTERO RESOURCES PICEANCE CORPORATION, a Delaware corporation ("Antero Piceance"), ANTERO RESOURCES PIPELINE CORPORATION, a Delaware corporation ("Antero Pipeline"), and ANTERO RESOURCES APPALACHIAN CORPORATION, a Delaware corporation ("Antero Appalachian" and, together with Antero, Antero Midstream, Antero Piceance and Antero Pipeline, each, a "Borrower" and collectively, the "Borrowers"), CERTAIN SUBSIDIARIES OF BORROWERS, as Guarantors, the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the "Administrative Agent"). 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 defined below).
WHEREAS, the Borrowers, the Guarantors, the Administrative Agent and the Lenders have entered into that certain Third Amended and Restated Credit Agreement, dated as of January 14, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"); and
WHEREAS, the Administrative Agent, the Lenders, the Borrowers and the Guarantors have agreed to amend the Credit Agreement to permit the Borrowers to incur additional unsecured Indebtedness and for certain other purposes as provided herein, subject to the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, the Borrowers, the Guarantors, the Administrative Agent and the Lenders hereby agree as follows:
SECTION 1. Amendments to Credit Agreement. Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 2 of this Amendment, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement shall be amended in the manner provided in this Section 1.
1.1 Limitation on Indebtedness. Section 7.01(j) of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:
(j) subject to any adjustment to the Borrowing Base required under Section 3.06 and any mandatory prepayment required under Section 2.11(b), Indebtedness of Finco resulting from the issuance of Senior Notes in an aggregate principal amount not to exceed $550,000,000 at any time outstanding, and any Permitted Refinancing of any Indebtedness incurred under this clause (j); provided that at the time of and immediately after giving effect to each issuance of such Senior Notes or any Permitted Refinancing thereof, no Default shall have occurred and be continuing.
1.2 Senior Notes Restrictions. Section 7.15 of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:
Section 7.15. Senior Notes Restrictions. No Credit Party will, nor will any Credit Party permit any Restricted Subsidiary to, (a) except for the regularly scheduled payments of interest required under
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the Senior Notes Documents, directly or indirectly, retire, redeem, defease, repurchase or prepay prior to the scheduled due date thereof any part of the principal of, or interest on, the Senior Notes (or any Permitted Refinancing thereof); provided that so long as no Default has occurred and is continuing or would be caused thereby, the Borrower may retire, redeem, defease, repurchase or prepay the Senior Notes (i) with the proceeds of any Permitted Refinancing permitted pursuant to Section 7.01(j), (ii) with the net cash proceeds of any issuance of Equity Interests of Holdings or (iii) pursuant to an asset sale tender offer with the cash proceeds of any asset sale to the extent required by the terms of the Indenture, but in any event subject to compliance by the Credit Parties with any prepayment of the Obligations required by any consent of the Lenders to such sale, or (b) enter into or permit any supplement, modification or amendment of, or waive any right or obligation of any Person under, any Senior Notes Document or any document governing any Permitted Refinancing of the Senior Notes if the effect thereof would be to (i) shorten its average life or maturity, (ii) cause the outstanding aggregate principal amount of the Senior Notes issued by Finco, taken as a whole, to exceed $550,000,000, (iii) increase the rate or shorten any period for payment of interest thereon, (iv) cause any covenant, default or remedy provisions contained therein to be materially more onerous on any Credit Party or any Restricted Subsidiary, or (v) cause any mandatory prepayment, repurchase or redemption provisions contained therein to be materially more onerous on any Credit Party or any Restricted Subsidiary.
SECTION 2. Conditions. The amendments to the Credit Agreement contained in Section 1 of this Amendment shall become effective upon the satisfaction of each of the conditions set forth in this Section 2.
2.1 Execution and Delivery. Each Credit Party, the Required Lenders, and the Administrative Agent shall have executed and delivered this Amendment and each other required document, all in form and substance satisfactory to the Administrative Agent.
2.2 No Default. No Default shall have occurred and be continuing or shall result from the effectiveness of this Amendment.
2.3 Other Documents. The Administrative Agent shall have received such other instruments and documents incidental and appropriate to the transaction provided for herein as the Administrative Agent or its special counsel may reasonably request, and all such documents shall be in form and substance satisfactory to the Administrative Agent.
SECTION 3. Representations and Warranties of Credit Parties. To induce the Lenders to enter into this Amendment, each Credit Party hereby represents and warrants to the Lenders as follows:
3.1 Reaffirmation of Representations and Warranties/Further Assurances. After giving effect to the amendments herein, each representation and warranty of such Credit Party contained in the Credit Agreement and in each of the other Loan Documents is true and correct in all material respects as of the date hereof (except to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date).
3.2 Corporate Authority; No Conflicts. The execution, delivery and performance by each Credit Party (to the extent a party hereto or thereto) of this Amendment and all documents, instruments and agreements contemplated herein are within such Credit Party's corporate or other organizational powers, have been duly authorized by necessary action, require no action by or in respect of, or filing with, any court or agency of government and do not violate or constitute a default under any provision of any applicable law or other agreements binding upon any Credit Party or result in the creation or imposition of any Lien upon any of the assets of any Credit Party except for Permitted Liens and otherwise as permitted in the Credit Agreement.
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3.3 Enforceability. This Amendment constitutes the valid and binding obligation of the Borrowers and each other Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor's rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application.
3.4 No Default. As of the date hereof, both before and immediately after giving effect to this Amendment, no Default has occurred and is continuing.
SECTION 4. Miscellaneous.
4.1 Reaffirmation of Loan Documents and Liens. Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except as amended and modified hereby, remain in full force and effect and are hereby in all respects ratified and confirmed by each Credit Party. Each Credit Party hereby agrees that the amendments and modifications herein contained shall in no manner affect or impair the liabilities, duties and obligations of any Credit Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof.
4.2 Parties in Interest. All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.
4.3 Legal Expenses. Each Credit Party hereby agrees to pay all reasonable fees and expenses of special counsel to the Administrative Agent incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and all related documents.
4.4 Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail shall be effective as delivery of manually executed counterparts of this Amendment.
4.5 Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
4.6 Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.
4.7 Governing Law. This Amendment shall be construed in accordance with and governed by the laws of the State of Texas.
4.8 Loan Document. This Amendment shall constitute a Loan Document for all purposes and in all respects.
[Remainder of page intentionally blank.
Signature pages follow.]
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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by their respective authorized officers to be effective as of the date first above written.
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BORROWERS: | |||||
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ANTERO RESOURCES CORPORATION |
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By: |
/s/ Alvyn A. Schopp |
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Name: | Alvyn A. Schopp | ||||
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Title: | Treasurer and Vice President, Administration and Accounting |
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ANTERO RESOURCES MIDSTREAM CORPORATION |
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By: |
/s/ Alvyn A. Schopp |
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Name: | Alvyn A. Schopp | ||||
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Title: | Treasurer and Vice President, Administration and Accounting |
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ANTERO RESOURCES PICEANCE CORPORATION |
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By: |
/s/ Alvyn A. Schopp |
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Name: | Alvyn A. Schopp | ||||
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Title: | Treasurer and Vice President, Administration and Accounting |
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ANTERO RESOURCES PIPELINE CORPORATION |
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By: |
/s/ Alvyn A. Schopp |
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Name: | Alvyn A. Schopp | ||||
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Title: | Treasurer and Vice President, Administration and Accounting |
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ANTERO RESOURCES APPALACHIAN CORPORATION | |||||
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By: |
/s/ Alvyn A. Schopp |
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Name: | Alvyn A. Schopp | ||||
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Title: | Treasurer and Vice President, Administration and Accounting |
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RESTRICTED SUBSIDIARIES: |
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ANTERO RESOURCES FINANCE CORPORATION |
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By: |
/s/ Alvyn A. Schopp |
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Name: | Alvyn A. Schopp | ||||
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Title: | Treasurer and Vice President, Administration and Accounting |
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JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Bank and a Lender |
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By: |
/s/ Ryan Fuessel |
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Name: | Ryan Fuessel | ||||
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Title: | Senior Vice President |
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BANK OF SCOTLAND plc, as Co-Syndication Agent and a Lender |
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By: |
/s/ Julia R. Franklin |
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Name: | Julia R. Franklin | ||||
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Title: | Assistant Vice President |
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BNP PARIBAS, as Co-Syndication Agent and a Lender |
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By: |
/s/ Russell Otts |
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Name: | Russell Otts | ||||
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Title: | Director | ||||
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By: |
/s/ John Clark |
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Name: | John Clark | ||||
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Title: | Managing Director |
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UNION BANK, N.A. (f/k/a UNION BANK OF CALIFORNIA, N.A.), as Documentation Agent and a Lender |
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By: |
/s/ Jarrod Bourgeois |
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Name: | Jarrod Bourgeois | ||||
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Title: | Vice President |
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WELLS FARGO BANK, N.A., as a Lender |
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By: |
/s/ Suzanne F. Ridenhour |
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Name: | Suzanne F. Ridenhour | ||||
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Title: | Vice President |
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BARCLAYS BANK PLC, as a Lender |
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By: |
/s/ Sam Yoo |
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Name: | Sam Yoo | ||||
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Title: | Assistant Vice President |
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U.S. BANK NATIONAL ASSOCIATION, as a Lender |
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By: |
/s/ Daria Majoney |
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Name: | Daria Mahoney | ||||
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Title: | Vice President |
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CALYON NEW YORK BRANCH, as a Lender |
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By: |
/s/ Tom Byargeon |
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Name: | Tom Byargeon | ||||
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Title: | Managing Director | ||||
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By: |
/s/ Michael D. Willis |
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Name: | Michael D. Willis | ||||
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Title: | Managing Director |
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COMERICA BANK, as a Lender |
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By: |
/s/ Caroline McClurg |
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Name: | Caroline McClurg | ||||
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Title: | Vice President |
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KEYBANK, NATIONAL ASSOCIATION, as a Lender |
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By: |
/s/ Todd Coker |
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Name: | Todd Coker | ||||
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Title: | Assistant Vice President |
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CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender |
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By: |
/s/ Nupur Kumar |
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Name: | Nupur Kumar | ||||
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Title: | Vice President | ||||
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By: |
/s/ Kevin Buddhdew |
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Name: | Kevin Buddhdew | ||||
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Title: | Associate |
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DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender |
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By: |
/s/ Paul O'Leary |
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Name: | Paul O'Leary | ||||
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Title: | Director | ||||
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By: |
/s/ Marcus M. Tarkington |
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Name: | Marcus M. Tarkington | ||||
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Title: | Director |
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GUARANTY BANK AND TRUST COMPANY, as a Lender |
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By: |
/s/ Gail J. Nofsinger |
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Name: | Gail J. Nofsinger | ||||
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Title: | Senior Vice President |
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