THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit 10.1
THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT
AGREEMENT
This THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this Amendment) dated as of October 29, 2012 (the Amendment Effective Date), is among COMSTOCK RESOURCES, INC. (the Borrower), the banks named on the signature pages hereto (together with their respective successors and assigns in such capacity, each as a Lender), and BANK OF MONTREAL, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the Administrative Agent).
PRELIMINARY STATEMENT
A. The Borrower, the Administrative Agent, the Lenders and certain other parties have entered into that certain Third Amended and Restated Credit Agreement dated as of November 30, 2010, as amended by that certain Assignment and First Amendment to Third Amended and Restated Credit Agreement dated as of October 31, 2011, and as amended by that certain Second Amendment and Waiver to Third Amended and Restated Credit Agreement dated as of December 29, 2011 (as amended, restated, modified or supplemented from time to time until the date hereof, the Credit Agreement).
B. The Borrower has requested that the Administrative Agent and the Lenders amend certain provisions of the Credit Agreement as set forth herein.
C. Subject to the terms and conditions of this Amendment, the Lenders, the Administrative Agent and the Issuing Bank have entered into this Amendment in order to effectuate such amendments and modifications to the Credit Agreement, as set forth herein.
NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, the parties agree as follows:
Section 1. Definitions. Unless otherwise defined in this Amendment, each capitalized term used in this Amendment has the meaning assigned to such term in the Credit Agreement.
Section 2. Amendment of Credit Agreement.
(a) Section 1.1 of the Credit Agreement is hereby amended by replacing the following defined terms in their entirety with the following:
Non-Conforming Borrowing Base Termination Date means the Third Amendment Effective Date.
Third Amendment means that certain Third Amendment to Third Amended and Restated Credit Agreement dated as of October 29, 2012 among the parties thereto that amends this Agreement.
Third Amendment Effective Date means the first date on which the Third Amendment becomes effective in accordance with its terms.
(b) Clause (iv) in the definition of Non-Conforming Borrowing Base in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to provide:
(iv) zero ($0) from and after the Third Amendment Effective Date.
Section 3. Redetermination of Borrowing Base.
(a) The Conforming Borrowing Base shall be increased from $495,000,000 to $570,000,000 from and after the Amendment Effective Date until the Conforming Borrowing Base shall be otherwise redetermined in accordance with the Credit Agreement.
(b) Both the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination of the Conforming Borrowing Base pursuant to clause (a) of this Section 3 shall not constitute a discretionary redetermination of the Borrowing Base or the Conforming Borrowing Base, as applicable, by either the Borrower, on the one hand, or the Administrative Agent or Lenders, on the other hand, pursuant to Section 2.8(c) of the Credit Agreement.
Section 4. Ratification. The Borrower hereby ratifies and confirms all of the Obligations under the Credit Agreement (as amended or waived hereby) and the other Loan Documents, and, in particular, affirms that the terms of the Security Documents secure, and will continue to secure, all Obligations, after giving effect to this Amendment.
Section 5. Effectiveness. This Amendment shall become effective on the Amendment Effective Date upon satisfaction of all of the conditions set forth in this Section 5:
(a) The Administrative Agent shall have received duly executed counterparts of this Amendment from the Borrower, the Administrative Agent and each Lender;
(b) The Borrower shall have made payment of all fees and expenses due and owing under the Credit Agreement and under any separate fee agreement entered into by the parties pursuant to Section 2.10 of the Credit Agreement;
(c) The Borrower shall have confirmed and acknowledged to the Administrative Agent and the Lenders, and by its execution and delivery of this Amendment, the Borrower does hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of the Borrower; (ii) the Credit Agreement (as amended hereby) and each other Loan Document constitute valid and legally binding agreements enforceable against the Borrower and each other Loan Party that is a party thereto in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws relating to or affecting the enforcement of creditors rights generally and by general principles of equity, (iii) the representations and warranties by the Borrower and the other Loan Parties contained in the Credit Agreement and in the other Loan Documents are true and correct on and as of the date hereof in all material respects as though made as of the date hereof, and (iv) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents.
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Section 6. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
Section 7. Miscellaneous. (a) On and after the effectiveness of this Amendment, each reference in each Loan Document to this Amendment, this Note, this Mortgage, hereunder, hereof or words of like import, referring to such Loan Document, and each reference in each other Loan Document to the Credit Agreement, the Notes, the Mortgages, thereunder, thereof or words of like import referring to the Credit Agreement, the Notes, or the Mortgage or any of them, shall mean and be a reference to such Loan Document, the Credit Agreement, the Notes, the Mortgage or any of them, as amended or otherwise modified by this Amendment; (b) the execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any default of the Borrower or any right, power or remedy of the Administrative Agent or the Banks under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents and except as otherwise modified by the terms hereof, the Credit Agreement and such other Loan Documents shall remain in full force and effect; (c) this Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement; and (d) delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.
Section 8. Final Agreement. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, INCLUDING THIS AMENDMENT, 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 ORAL AGREEMENTS BETWEEN THE PARTIES.
[Signature Pages Follow]
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IN WITNESS WHEREOF, each of the parties hereto has caused this Third Amendment to Third Amended and Restated Credit Agreement to be executed by its officer(s) thereunto duly authorized as of the date first above written.
BORROWER: | ||
COMSTOCK RESOURCES, INC., a Nevada corporation | ||
By: | /s/ ROLAND O. BURNS | |
Name: | Roland O. Burns | |
Title: | Senior Vice President and Chief Financial Officer |
Signature Page to Third Amendment
ADMINISTRATIVE AGENT AND LENDERS: | ||
BANK OF MONTREAL, as Administrative Agent and Issuing Bank and Lender | ||
By: | /s/ JAMES V. DUCOTE | |
Name: | James V. Ducote | |
Title: | Director |
Signature Page to Third Amendment
BANK OF AMERICA, N.A., as Syndication Agent and Lender | ||
By: | /s/ MICHAEL CLAYBORNE | |
Name: | Michael Clayborne | |
Title: | Assistant Vice President |
Signature Page to Third Amendment
JPMORGAN CHASE BANK, N.A., as Co-Documentation Agent and Lender | ||
By: | /s/ SCOTT PITTMAN | |
Name: | Scott Pittman | |
Title: | Authorized Officer |
Signature Page to Third Amendment
COMERICA BANK, as Co-Documentation Agent and Lender | ||
By: | /s/ BRANDON M. WHITE | |
Name: | Brandon M. White | |
Title: | Corporate Banking Officer |
Signature Page to Third Amendment
UNION BANK, N.A., as Co-Documentation Agent and Lender | ||
By: | /s/ DAVID CARTER | |
Name: | David Carter | |
Title: | Investment Banking Officer |
Signature Page to Third Amendment
REGIONS BANK, as a Lender | ||
By: | /s/ WILLIAM A. PHILIPP | |
Name: | William A. Philipp | |
Title: | Senior Vice President |
Signature Page to Third Amendment
BANK OF SCOTLAND, as a Lender | ||
By: | /s/ STEPHEN GIACOLONE | |
Name: | Stephen Giacolone | |
Title: | Assistant Vice President |
Signature Page to Third Amendment
THE BANK OF NOVA SCOTIA, as a Lender | ||
By: | /s/ TERRY DONOVAN | |
Name: | Terry Donovan | |
Title: | Managing Director |
Signature Page to Third Amendment
COMPASS BANK, as a Lender | ||
By: | /s/ BLAKE KIRSHMAN | |
Name: | Blake Kirshman | |
Title: | Vice President |
Signature Page to Third Amendment
NATIXIS, as a Lender | ||
By: | /s/ CARLOS QUINTEROS | |
Name: | Carlos Quinteros | |
Title: | Managing Director | |
By: | /s/ TIMOTHY L. POLVADO | |
Name: | Timothy L. Polvado | |
Title: | Senior Managing Director |
Signature Page to Third Amendment
U.S. BANK NATIONAL ASSOCIATION, as a Lender | ||
By: | /s/ DARIA MAHONEY | |
Name: | Daria Mahoney | |
Title: | Vice President |
Signature Page to Third Amendment
SUNTRUST BANK, as a Lender | ||
By: | /s/ YANN PIRIO | |
Name: | Yann Pirio | |
Title: | Director |
Signature Page to Third Amendment
BOKF, NA, dba Bank of Texas, as a Lender | ||
By: | /s/ MYNAN C. FELDMAN | |
Name: | Mynan C. Feldman | |
Title: | Senior Vice President |
Signature Page to Third Amendment
IBERIABANK, as a Lender | ||
By: | /s/ CAMERON D. JONES | |
Name: | Cameron D. Jones | |
Title: | Vice President |
Signature Page to Third Amendment
BRANCH BANKING AND TRUST COMPANY, as a Lender | ||
By: | /s/ PARUL JUNE | |
Name: | Parul June | |
Title: | Vice President |
Signature Page to Third Amendment
ONEWEST BANK, FSB, as a Lender | ||
By: | /s/ SEAN M. MURPHY | |
Name: | Sean M. Murphy | |
Title: | EVP |
Signature Page to Third Amendment
WHITNEY BANK, as a Lender | ||
By: | /s/ WILLIAM JOCHETZ | |
Name: | William Jochetz | |
Title: | Vice President |
Signature Page to Third Amendment
ACKNOWLEDGMENT BY GUARANTORS
Each of the undersigned Guarantors hereby (i) consents to the terms and conditions of that certain Third Amendment to Third Amended and Restated Credit Agreement dated as of October 29, 2012 (the Amendment), (ii) acknowledges and agrees that its consent is not required for the effectiveness of the Amendment, (iii) ratifies and acknowledges its respective Obligations under each Loan Document to which it is a party and affirms that the terms of its respective Guaranty guarantees, and will continue to guarantee, the Obligations, after giving effect to the Amendment, and (iv) represents and warrants that (a) no Default or Event of Default has occurred and is continuing, (b) it is in full compliance with all covenants and agreements pertaining to it in the Loan Documents, and (c) it has reviewed a copy of the Amendment.
COMSTOCK OIL & GAS HOLDINGS, INC. | ||
COMSTOCK OIL & GASLOUISIANA, LLC | ||
COMSTOCK OIL & GAS GP, LLC, | ||
By Comstock Resources, Inc., its sole member | ||
COMSTOCK OIL & GAS, LP, | ||
By Comstock Oil & Gas GP, LLC, its general partner, | ||
By Comstock Resources, Inc., its sole member | ||
By: | /s/ ROLAND O. BURNS | |
Name: | Roland O. Burns | |
Title: | Chief Financial Officer | |
COMSTOCK OIL & GAS INVESTMENTS, LLC | ||
By: | /s/ ROLAND O. BURNS | |
Name: | Roland O. Burns | |
Title: | Manager |
Signature Page to Third Amendment