Amendment to Amended and Restated Credit Agreement

Contract Categories: Business Finance - Credit Agreements
EX-10.10 12 d47789exv10w10.htm AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT exv10w10
 

Exhibit 10.10
June 14, 2007
The Frost National Bank
777 Main Street, Suite 500
Fort Worth, Texas 76102
Attention: Mr. John S. Warren
         
 
  Re:   Amendment to Amended and Restated Credit Agreement dated as of February 15, 2007 between Approach Resources I, LP, The Frost National Bank, as Administrative Agent, and the Lenders parties thereto
Gentlemen:
     Reference is hereby made to that certain Amended and Restated Credit Agreement dated as of February 15, 2007 between Approach Resources I, LP (“Borrower”), The Frost National Bank, as Administrative Agent (“Agent”), and the Lenders parties thereto (as amended hereby, the “Loan Agreement”). All capitalized terms herein shall have the meanings ascribed to them in the Loan Agreement.
     Pursuant to this letter amendment (the “Amendment”), Agent, Lenders and Borrower agree, effective as of June 14, 2007, to amend the Loan Agreement according to the terms and provisions set forth below.
     1. Amendment to Definition of Maturity Date. The defined term “Maturity Date” as set forth in Section 1.1 of the Loan Agreement is amended in its entirety to read as follows:
          “Maturity Date” shall mean July 31, 2010.
     2. Extension Fee. As consideration for, and as a condition precedent to, Lenders’ agreement to extend the Maturity Date according to this Amendment, Borrower agrees to pay to Agent upon its execution of this Amendment, for the ratable benefit of Lenders, a fee in the amount of $62,500.
     3. Ratification by Guarantors. Each Guarantor hereby ratifies and reaffirms all of its obligations under its Guaranty Agreement (the “Guaranty”) of Borrower’s obligations under the Loan Agreement, as amended hereby. Each Guarantor also hereby agrees that nothing in this Amendment shall adversely affect any right or remedy of Bank under the Guaranty and that the execution and delivery of this Amendment shall in no way change or modify its obligations as guarantor under the Guaranty. Although each Guarantor has been informed by Borrower of the matters set forth in this Amendment and such Guarantor has acknowledged and agreed to the same, such Guarantor understands that Bank has no duty to notify such Guarantor or to seek such Guarantor’s acknowledgment or agreement, and nothing contained herein shall create such a duty as to any transaction hereafter.
     4. Confirmation and Ratification. Except as affected by the provisions set forth herein, the Loan Agreement shall remain in full force and effect and is hereby ratified and

 


 

confirmed by Borrower. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Bank under the Loan Agreement or the other Loan Documents.
     5. Reference to Loan Agreement. Each of the Loan Agreement and the Loan Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement, as amended hereby, are hereby amended so that any reference in the Loan Agreement, the Loan Documents and such other documents to the Loan Agreement shall mean a reference to the Loan Agreement as amended hereby.
     6. Final Agreement. THE LOAN AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL PROMISSORY NOTES AND OTHER LOAN DOCUMENTS EXECUTED PURSUANT THERETO OR HERETO, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
     Please signify your acceptance to the foregoing terms and provisions by executing a copy of this Amendment at the space provided below.
[SIGNATURE PAGES TO FOLLOW]

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    Very truly yours,    
 
           
    BORROWER:    
 
           
    APPROACH RESOURCES I, LP,
a Texas limited partnership
   
 
           
 
  By:   Approach Operating LLC.,
a Delaware limited liability
company, its general partner
   
 
           
 
  By:   Approach Resources, Inc.,
a Delaware corporation,
its sole member
   
 
           
             
 
           
 
  By:   /s/ J. Ross Craft    
 
           
 
      J. Ross Craft, President    
             
 
           
    GUARANTORS:    
 
           
    APPROACH OPERATING, LLC,
a Delaware limited liability company
   
 
           
 
  By:   Approach Resources, Inc., a Delaware
corporation, its sole member
   
             
 
           
 
  By:   /s/ J. Ross Craft    
 
           
 
      J. Ross Craft, President    
             
 
           
    APPROACH DELAWARE, LLC,
a Delaware limited liability company
   
 
           
 
  By:   Approach Resources, Inc., a
Delaware corporation, its sole member
   
             
 
           
 
  By:   /s/ J. Ross Craft    
 
           
 
      J. Ross Craft, President    

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ACCEPTED AND AGREED TO
effective as of the date and year
first above written:
AGENT:
THE FROST NATIONAL BANK
         
By:
  /s/ John S. Warren    
 
       
 
  John S. Warren, Senior Vice President    
LENDERS:
THE FROST NATIONAL BANK
         
 
       
By:
  /s/ John S. Warren    
 
       
 
  John S. Warren, Senior Vice President    
JPMORGAN CHASE BANK, NA
         
 
       
By:
  /s/ Wm. Mark Cranmer    
 
       
 
  Wm. Mark Cranmer, Senior Vice President    

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