FIRST AMENDMENT TO THIRD AMENDED AND RESTATEDCREDIT AGREEMENT Among LINN ENERGY, LLC as Borrower, BNP PARIBAS, as Administrative Agent, and The Lenders Signatory Hereto Effective as of November 2,2007
Exhibit 10.15
Execution Version
FIRST AMENDMENT
TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
Among
LINN ENERGY, LLC
as Borrower,
BNP PARIBAS,
as Administrative Agent,
and
The Lenders Signatory Hereto
Effective as of November 2, 2007
FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
This FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this First Amendment) executed effective as of November 2, 2007 (the First Amendment Effective Date) is among LINN ENERGY, LLC, a limited liability company formed under the laws of the State of Delaware (the Borrower); each of the undersigned guarantors (the Guarantors, and together with the Borrower, the Obligors); each of the Lenders that is a signatory hereto; and BNP PARIBAS, as administrative agent for the Lenders (in such capacity, together with its successors, the Administrative Agent).
Recitals
A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Third Amended and Restated Credit Agreement dated as of August 31, 2007 (as amended, the Credit Agreement), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B. The Borrower has requested and the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement.
C. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1. Defined Terms. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this First Amendment, shall have the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all section references in this First Amendment refer to the Credit Agreement.
Section 2. Amendments to Credit Agreement.
2.1 Definitions. Section 1.02 is hereby amended by adding or amending and restating the following definitions:
Agreement means this Third Amended and Restated Credit Agreement, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement, dated as of November 2, 2007, and as the same may from time to time be further amended, modified, supplemented or restated.
Investment means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of Equity Interests of any other Person or any unfunded subscription agreement to make any such acquisition or fund capital calls (including, without limitation, any short sale or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale, but excluding any unconsummated purchase and sale agreements to purchase all or substantially all the Equity Interests of Persons
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owning Oil and Gas Properties); (b) the making of any deposit with, or advance, loan or capital contribution to, assumption of Debt of, purchase or other acquisition of any other Debt or equity participation or interest in, or other extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit having a term not exceeding ninety (90) days representing the purchase price of inventory or supplies sold by such Person in the ordinary course of business); (c) the purchase or acquisition (in one or a series of transactions) of Property of another Person that constitutes a business unit or (d) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to, Debt or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person.
2.2 Section 9.05. Section 9.05(g) is hereby amended and restated in its entirety as follows:
(g) Investments (i) made by the Borrower in or to the Guarantors, (ii) made by any Subsidiary in or to the Borrower or any Guarantor, (iii) made by the Borrower or any Guarantor in any Person that owns Oil and Gas Properties which are overriding royalty, royalty interests or other similar non-cost bearing interests and which do not own other material Properties, provided, that after the consummation of such Investment (A) the Borrower and its Subsidiaries are in compliance with all covenants under this Agreement and (B) such Person promptly becomes a Guarantor or is promptly dissolved into a Guarantor or the Borrower and (iv) made by the Borrower or any Guarantor in Subsidiaries that are not Guarantors, provided that the aggregate of all Investments made by the Borrower and the Guarantors in or to all Subsidiaries that are not Guarantors shall not exceed $10,000,000 at any time.
2.3 Section 9.18. Section 9.18(a)(iii) is hereby amended and restated in its entirety as follows:
(iii) the notional volumes for which do not exceed the current net monthly production (regardless of projected production levels) at the time such Swap Agreement is executed, calculated separately for each of crude oil and natural gas, provided, that the foregoing shall not prevent the Borrower from entering into forward agreements in respect of commodity Swap Agreements in respect of future projected volumes from Oil and Gas Properties subject to the Dominion Production Payment, so long as the notional volumes under such forward agreements do not exceed the reasonably anticipated net monthly production for all calculation periods under such forward agreements, calculated separately for each of crude oil and natural gas.
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Section 3. Conditions Precedent. The effectiveness of this First Amendment is subject to the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions provided in this Section 3, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance:
3.1 Payment by the Borrower to the Administrative Agent of all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower.
3.2 The Administrative Agent shall have received multiple counterparts as requested of this First Amendment from the Majority Lenders.
3.3 The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.
3.4 No Default or Event of Default shall have occurred and be continuing as of the First Amendment Effective Date.
Section 4. Representations and Warranties; Etc. Each Obligor hereby affirms: (a) that as of the date of execution and delivery of this First Amendment, all of the representations and warranties contained in each Loan Document to which such Obligor is a party are true and correct in all material respects as though made on and as of the First Amendment Effective Date (unless made as of a specific earlier date, in which case, was true as of such date); and (b) that after giving effect to this First Amendment and to the transactions contemplated hereby, no Defaults exist under the Loan Documents or will exist under the Loan Documents.
Section 5. Miscellaneous.
5.1 Confirmation. The provisions of the Credit Agreement (as amended by this First Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this First Amendment.
5.2 Ratification and Affirmation of Obligors. Each of the Obligors hereby expressly (i) acknowledges the terms of this First Amendment, (ii) ratifies and affirms its obligations under the Guarantee Agreement and the other Security Instruments to which it is a party, (iii) acknowledges, renews and extends its continued liability under the Guarantee Agreement and the other Security Instruments to which it is a party and agrees that its guarantee under the Guarantee Agreement and the other Security Instruments to which it is a party remains in full force and effect with respect to the Indebtedness as amended hereby.
5.3 Counterparts. This First Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
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5.4 No Oral Agreement. THIS WRITTEN FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
5.5 Governing Law. THIS FIRST AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed effective as of the date first written above.
BORROWER: | LINN ENERGY, LLC | ||
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| By: | /s/ Kolja Rockov | |
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| Kolja Rockov, Executive Vice President | |
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| and Chief Financial Officer | |
GUARANTORS: | LINN ENERGY HOLDINGS, LLC |
| LINN OPERATING, INC. |
| PENN WEST PIPELINE, LLC |
| MID ATLANTIC WELL SERVICE, INC. |
| MID-CONTINENT HOLDINGS I, LLC |
| MID-CONTINENT HOLDINGS II, LLC |
| MID-CONTINENT I, LLC |
| MID-CONTINENT II, LLC |
| LINN GAS MARKETING, LLC |
| LINN EXPLORATION MIDCONTINENT, |
| By: | /s/ Kolja Rockov |
| Kolja Rockov | |
| Executive Vice President and Chief | |
| Financial Officer |
First Amendment
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| BNP PARIBAS, as Administrative Agent and a | |
| Lender | |
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| By: | /s/ Doug Liftman |
| Name: | Doug Liftman |
| Title: | Managing Director |
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| By: | /s/ Betsy Jocher |
| Name: | Betsy Jocher |
| Title: | Director |
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| ROYAL BANK OF CANADA, as Syndication | |
| Agent and a Lender | |
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| By: | /s/ Don J. McKinnerney |
| Name: | Don J. McKinnerney |
| Title: | Authorized Signatory |
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| SOCIETE GENERALE, as a Co-Documentation | |
| Agent and a Lender | |
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| By: | /s/ Elena Robciuc |
| Name: | Elena Robciuc |
| Title: | Director |
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| COMERICA BANK, as a Lender | |
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| By: | /s/ Huma V. Manal |
| Name: | Huma V. Manal |
| Title: | Vice President |
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| FORTIS CAPITAL CORP., as a Lender | |
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| By: | /s/ David Montgomery |
| Name: | David Montgomery |
| Title: | Director |
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| By: | /s/ Darrell Holley |
| Name: | Darrell Holley |
| Title: | Managing Director |
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| CITIBANK, NA, as a Co-Documentation Agent | |
| and a Lender | |
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| By: | /s/ Thomas Benavides |
| Name: | Thomas Benavides |
| Title: | Vice President |
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| KEYBANK NATIONAL ASSOCIATION, as a | |
| Lender | |
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| By: | /s/ Thomas Rajan |
| Name: | Thomas Rajan |
| Title: | Director |
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| WACHOVIA BANK, N.A., as a Lender | |
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| By: | /s/ Leanne S. Phillips |
| Name: | Leanne S. Phillips |
| Title: | Director |
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| BMO CAPITAL MARKETS FINANCING, | |
| INC., as a Co-Documentation Agent and a Lender | |
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| By: | /s/ James V. Ducote |
| Name: | James V. Ducote |
| Title: | Director |
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| CREDIT SUISSE CAYMAN ISLANDS | |
| BRANCH, as a Lender | |
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| By: | /s/ Vanessa Gomez |
| Name: | Vanessa Gomez |
| Title: | Vice President |
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| By: | /s/ Morenikeji Ajayi |
| Name: | Morenikeji Ajayi |
| Title: | Associate |
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| COMPASS BANK, as a Lender | |
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| By: | /s/ Dorothy Marchand |
| Name: | Dorothy Marchand |
| Title: | Senior Vice President |
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| DnB NOR BANK ASA, as a Lender | |
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| By: | /s/ Thomas Tangen |
| Name: | Thomas Tangen |
| Title: | Vice President |
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| By: | /s/ Asa Jemseby Rodgers |
| Name: | Asa Jemseby Rodgers |
| Title: | Vice President |
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| DZ BANK AG, DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT | |
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| By: | /s/ Daria A. Plahle |
| Name: | Daria A. Plahle |
| Title: | First Vice President |
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| By: | /s/ Avery B. Snead |
| Name: | Avery B. Snead |
| Title: | Assistant Treasurer |
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| GUARANTY BANK, FSB, as a Lender | |
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| By: | /s/ David M. Butler |
| Name: | David M. Butler |
| Title: | Vice President |
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| LEHMAN BROTHERS COMMERCIAL | |
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| By: | /s/ Brian McNany |
| Name: | Brian McNany |
| Title: | Authorized Signatory |
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| JPMORGAN CHASE BANK, N.A., as a Lender | |
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| By: | /s/ Michael A. Kamauf |
| Name: | Michael A. Kamauf |
| Title: | Vice President |
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| THE ROYAL BANK OF SCOTLAND plc, as a | |
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| By: | /s/ Lucy Walker |
| Name: | Lucy Walker |
| Title: | Vice President |
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| RZB FINANCE LLC, as a Lender | |
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| By: | /s/ Shirley Ritch |
| Name: | Shirley Ritch |
| Title: | Assistant Vice President |
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| By: | /s/ Nicolas M. Moriatis |
| Name: | Nicolas M. Moriatis |
| Title: | Group Vice President |
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| Controller |
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| UNION BANK OF CALIFORNIA, N.A., as a | |
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| By: | /s/ Scott Gildea |
| Name: | Scott Gildea |
| Title: | Vice President |
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| U.S. BANK NATIONAL ASSOCIATION, as a | |
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| By: | /s/ Justin M. Alexander |
| Name: | Justin M. Alexander |
| Title: | Vice President |
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| CALYON NEW YORK BRANCH, as a Lender | |
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| By: | /s/ Tom Byargeon |
| Name: | Tom Byargeon |
| Title: | Managing Director |
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| By: | /s/ Sharada Manne |
| Name: | Sharada Manne |
| Title: | Vice President |
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| THE BANK OF NOVA SCOTIA, as a Lender | |
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| By: | /s/ Andrew Ostrov |
| Name: | Andrew Ostrov |
| Title: | Director |
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| DEUTSCHE BANK TRUST COMPANY | |
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| By: | /s/ Dusan Lazarov |
| Name: | Dusan Lazarov |
| Title: | Vice President |
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| By: | /s/ Carin Keegan |
| Name: | Carin Keegan |
| Title: | Vice President |
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| ALLIED IRISH BANKS P.L.C., as a Lender | |
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| By: | /s/ Mark Connelly |
| Name: | Mark Connelly |
| Title: | Senior Vice President |
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| By: | /s/ Edward M. Fenk |
| Name: | Edward Fenk |
| Title: | Vice President |
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| WESTLB AG, NEW YORK BRANCH, as a | |
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| By: | /s/ Duncan Robertson |
| Name: | Duncan Robertson |
| Title: | Executive Director |
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| By: | /s/ Paul Vastola |
| Name: | Paul Vastola |
| Title: | Director |
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| SUNTRUST BANK, as a Lender | |
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| By: | /s/ Sean Roche |
| Name: | Sean Roche |
| Title: | Vice President |
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