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

EX-10.15 8 a08-1454_1ex10d15.htm EX-10.15

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

 

 

 

By:

    /s/ Kolja Rockov

 

 

Kolja Rockov, Executive Vice President

 

 

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,
LLC

 

 

 

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

 

 

 

 

 

By:

          /s/ Doug Liftman

 

Name:

Doug Liftman

 

Title:

Managing Director

 

 

 

 

 

 

 

By:

           /s/ Betsy Jocher

 

Name:

Betsy Jocher

 

Title:

Director

 

7



 

 

ROYAL BANK OF CANADA, as Syndication

 

Agent and a Lender

 

 

 

By:

           /s/ Don J. McKinnerney

 

Name:

Don J. McKinnerney

 

Title:

Authorized Signatory

 

8



 

 

SOCIETE GENERALE, as a Co-Documentation

 

Agent and a Lender

 

 

 

 

 

By:

           /s/ Elena Robciuc

 

Name:

Elena Robciuc

 

Title:

Director

 

9



 

 

COMERICA BANK, as a Lender

 

 

 

 

 

By:

           /s/ Huma V. Manal

 

Name:

Huma V. Manal

 

Title:

Vice President

 

10



 

 

FORTIS CAPITAL CORP., as a Lender

 

 

 

 

 

By:

           /s/ David Montgomery

 

Name:

David Montgomery

 

Title:

Director

 

 

 

 

 

 

 

By:

             /s/ Darrell Holley

 

Name:

Darrell Holley

 

Title:

Managing Director

 

11



 

 

CITIBANK, NA, as a Co-Documentation Agent

 

and a Lender

 

 

 

 

 

By:

           /s/ Thomas Benavides

 

Name:

Thomas Benavides

 

Title:

Vice President

 

12



 

 

KEYBANK NATIONAL ASSOCIATION, as a

 

Lender

 

 

 

 

 

By:

           /s/ Thomas Rajan

 

Name:

Thomas Rajan

 

Title:

Director

 

13



 

 

WACHOVIA BANK, N.A., as a Lender

 

 

 

 

 

By:

           /s/ Leanne S. Phillips

 

Name:

Leanne S. Phillips

 

Title:

Director

 

14



 

 

BMO CAPITAL MARKETS FINANCING,

 

INC., as a Co-Documentation Agent and a Lender

 

 

 

 

 

By:

           /s/ James V. Ducote

 

Name:

James V. Ducote

 

Title:

Director

 

15



 

 

CREDIT SUISSE CAYMAN ISLANDS

 

BRANCH, as a Lender

 

 

 

 

 

By:

            /s/ Vanessa Gomez

 

Name:

Vanessa Gomez

 

Title:

Vice President

 

 

 

 

 

 

 

By:

           /s/ Morenikeji Ajayi

 

Name:

Morenikeji Ajayi

 

Title:

Associate

 

16



 

 

COMPASS BANK, as a Lender

 

 

 

 

 

By:

/s/ Dorothy Marchand

 

Name:

Dorothy Marchand

 

Title:

Senior Vice President

 

17



 

 

DnB NOR BANK ASA, as a Lender

 

 

 

 

 

By:

/s/ Thomas Tangen

 

Name:

Thomas Tangen

 

Title:

Vice President

 

 

 

 

 

By:

/s/ Asa Jemseby Rodgers

 

Name:

Asa Jemseby Rodgers

 

Title:

Vice President

 

18



 

 

DZ BANK AG, DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT
AM MAIN, NEW YORK BRANCH
, as a Lender

 

 

 

 

 

 

 

By:

/s/ Daria A. Plahle

 

Name:

Daria A. Plahle

 

Title:

First Vice President

 

 

 

 

 

 

 

By:

/s/ Avery B. Snead

 

Name:

Avery B. Snead

 

Title:

Assistant Treasurer

 

19



 

 

GUARANTY BANK, FSB, as a Lender

 

 

 

 

 

 

 

By:

/s/ David M. Butler

 

Name:

David M. Butler

 

Title:

Vice President

 

20



 

 

LEHMAN BROTHERS COMMERCIAL
BANK,
as a Lender

 

 

 

 

 

 

 

By:

/s/ Brian McNany

 

Name:

Brian McNany

 

Title:

Authorized Signatory

 

21



 

 

JPMORGAN CHASE BANK, N.A., as a Lender

 

 

 

 

 

 

 

By:

/s/ Michael A. Kamauf

 

Name:

Michael A. Kamauf

 

Title:

Vice President

 

22



 

 

THE ROYAL BANK OF SCOTLAND plc, as a
Lender

 

 

 

 

 

 

 

By:

/s/ Lucy Walker

 

Name:

Lucy Walker

 

Title:

Vice President

 

23



 

 

RZB FINANCE LLC, as a Lender

 

 

 

 

 

 

 

By:

/s/ Shirley Ritch

 

Name:

Shirley Ritch

 

Title:

Assistant Vice President

 

 

 

 

 

 

 

By:

/s/ Nicolas M. Moriatis

 

Name:

Nicolas M. Moriatis

 

Title:

Group Vice President

 

 

Controller

 

24



 

 

UNION BANK OF CALIFORNIA, N.A., as a
Lender

 

 

 

 

 

 

 

By:

/s/ Scott Gildea

 

Name:

Scott Gildea

 

Title:

Vice President

 

25



 

 

U.S. BANK NATIONAL ASSOCIATION, as a
Lender

 

 

 

 

 

 

 

By:

/s/ Justin M. Alexander

 

Name:

Justin M. Alexander

 

Title:

Vice President

 

26



 

 

CALYON NEW YORK BRANCH, as a Lender

 

 

 

 

 

By:

/s/ Tom Byargeon

 

Name:

Tom Byargeon

 

Title:

Managing Director

 

 

 

 

 

 

 

By:

/s/ Sharada Manne

 

Name:

Sharada Manne

 

Title:

Vice President

 

27



 

 

THE BANK OF NOVA SCOTIA, as a Lender

 

 

 

 

 

By:

/s/ Andrew Ostrov

 

Name:

Andrew Ostrov

 

Title:

Director

 

28



 

 

DEUTSCHE BANK TRUST COMPANY
AMERICAS
, as a Lender

 

 

 

 

 

By:

/s/ Dusan Lazarov

 

Name:

Dusan Lazarov

 

Title:

Vice President

 

 

 

 

 

 

 

By:

/s/ Carin Keegan

 

Name:

Carin Keegan

 

Title:

Vice President

 

29



 

 

ALLIED IRISH BANKS P.L.C., as a Lender

 

 

 

 

 

By:

/s/ Mark Connelly

 

Name:

Mark Connelly

 

Title:

Senior Vice President

 

 

 

 

 

 

 

By:

/s/ Edward M. Fenk

 

Name:

Edward Fenk

 

Title:

Vice President

 

30



 

 

WESTLB AG, NEW YORK BRANCH, as a
Lender

 

 

 

 

 

By:

/s/ Duncan Robertson

 

Name:

Duncan Robertson

 

Title:

Executive Director

 

 

 

 

 

 

 

By:

/s/ Paul Vastola

 

Name:

Paul Vastola

 

Title:

Director

 

31



 

 

SUNTRUST BANK, as a Lender

 

 

 

 

 

 

By:

/s/ Sean Roche

 

Name:

Sean Roche

 

Title:

Vice President

 

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