Amendment No.1 to Senior Credit Facility

Contract Categories: Business Finance - Credit Agreements
EX-10.9 16 h48324exv10w9.htm AMENDMENT NO.1 TO SENIOR CREDIT FACILITY exv10w9
 

Exhibit 10.9
AMENDMENT No. 1
dated as of March 7, 2007
to the SENIOR CREDIT AGREEMENT
dated as of November 21, 2006
among
SANDRIDGE ENERGY, INC.
as the Borrower,
BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer
and
The Other Lenders Party Thereto
BANK OF AMERICA SECURITIES LLC,
Sole Lead Arranger and Sole Book Manager

 


 

AMENDMENT NO. 1 TO CREDIT AGREEMENT
     AMENDMENT dated as of March 7, 2007 to the Senior Credit Agreement dated as of November 21, 2006 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) among SANDRIDGE ENERGY, INC., a Delaware corporation (the “Borrower”), each LENDER from time to time party thereto and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), Swing Line Lender and L/C Issuer.
W I T N E S S E T H:
     WHEREAS, the parties hereto desire to amend the Credit Agreement as set forth herein;
     NOW, THEREFORE, the parties hereto agree as follows:
     Section 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby.
     Section 2. Amendment.
     (a) Section 7.03 of the Credit Agreement is amended by deleting Section 7.03(b) in its entirety and by substituting in lieu thereof the new Section 7.03(b) to read in its entirety as follows:
     “(b) Indebtedness in respect of the Bridge Facility and any refinancing thereof, provided that (i) the principal amount of such Indebtedness is not increased at the time of such refinancing by more than $150,000,000, and (ii) such refinancing (A) is unsecured, (B) requires no scheduled amortization prior to the 6th anniversary of the Closing Date and (C) is otherwise on market terms and conditions;”
     Section 3. Representations of the Borrower. The Borrower represents and warrants that, after giving effect to this Amendment, (i) the representations and warranties of the Borrower set forth in Article V of the Credit Agreement will be true and (ii) no Default will have occurred and be continuing.
     Section 4. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
     Section 5. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

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     Section 6. Effectiveness. This Amendment shall become effective on the date on which the Administrative Agent shall have received counterparts hereof signed by each of the Required Lenders and the Borrower (or, in the case of any party as to which an executed counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of telegraphic, telex or other written confirmation from such party of execution of a counterpart hereof by such party).

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
         
  BORROWER

SANDRIDGE ENERGY, INC.
 
 
  By:   /s/ Dirk M. Van Doren    
    Name:   Dirk M. Van Doren   
    Title:   Chief Financial Officer   
 
         
  LENDERS

BANK OF AMERICA, N.A., as Lender
 
 
  By:   /s/ Charles W. Patterson    
    Name:   Charles W. Patterson   
    Title:   Managing Director   
 
  UNION BANK OF CALIFORNIA, N.A.
 
 
  By:   /s/ Whitney Randolph    
    Name:   Whitney Randolph   
    Title:   Investment Banking Officer   
 
  ROYAL BANK OF CANADA
 
 
  By:   /s/ Don J. McKinnerney    
    Name:   Don J. McKinnerney   
    Title:   Authorized Signatory   
 
  BARCLAYS BANK PLC
 
 
  By:   /s/ Nicholas Bell    
    Name:   Nicholas Bell   
    Title:   Director   
 
[Signature Page to Amendment No. 1
to the
Senior Credit Agreement]

 


 

         
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH
 
 
  By:   /s/ Vanessa Gomez    
    Name:   Vanessa Gomez   
    Title:   Vice President   
     
  By:   /s/ Karim Blasetti    
    Name:   Karim Blasetti   
    Title:   Vice President   
 
  BANK OF OKLAHOMA, N.A.
 
 
  By:   /s/ Mike Weatherholt    
    Name:   Mike Weatherholt   
    Title:   Officer   
 
  COMERICA BANK
 
 
  By:   /s/ Peter L. Sefzik    
    Name:   Peter L. Sefzik   
    Title:   Vice President   
 
  THE BANK OF NOVA SCOTIA
 
 
  By:   /s/ Richard Hawthorne    
    Name:   Richard Hawthorne   
    Title:   Director   
 
  SUNTRUST BANK
 
 
  By:   /s/ Sean Roche    
    Name:   Sean Roche   
    Title:   Vice President   
 
  THE ROYAL BANK OF SCOTLAND PLC
 
 
  By:   /s/ Lucy Walker    
    Name:   Lucy Walker   
    Title:   Vice President   
 
[Signature Page to Amendment No. 1
to the
Senior Credit Agreement]

 


 

         
  BMO CAPITAL MARKETS FINANCING, INC.
 
 
  By:   /s/ James V. Ducote    
    Name:   James V. Ducote   
    Title:   Director   
 
  AMARILLO NATIONAL BANK
 
 
  By:   /s/ Sha Gearn    
    Name:   Sha Gearn   
    Title:   Vice President   
 
  MIDFIRST BANK
 
 
  By:   /s/ James P. Boggs    
    Name:   James P. Boggs   
    Title:   Senior Vice President   
 
  U.S. BANK NATIONAL ASSOCIATION
 
 
  By:   /s/ Daria M. Mahoney    
    Name:   Daria M. Mahoney   
    Title:   Vice President   
 
  WELLS FARGO BANK, NA
 
 
  By:   /s/ Dustin S. Hansen    
    Name:   Dustin S. Hansen   
    Title:   Vice President   
 
  BANK OF SCOTLAND
 
 
  By:   /s/ Karen Weich    
    Name:   Karen Weich   
    Title:   Vice President   
 
[Signature Page to Amendment No. 1
to the
Senior Credit Agreement]

 


 

         
  BNP PARIBAS
 
 
  By:   /s/ Russell Otts    
    Name:   Russell Otts   
    Title:   Vice President   
     
  By:   /s/ Robert Long    
    Name:   Robert Long   
    Title:   Vice President   
 
  ALLIED IRISH BANKS P.L.C.
 
 
  By:   /s/ David O’Driscoll    
    Name:   David O’Driscoll   
    Title:   Assistant Vice President   
     
  By:   /s/ Aidan Lanigan    
    Name:   Aidan Lanigan   
    Title:   Vice President   
 
  FORTIS CAPITAL CORP.
 
 
  By:   /s/ Michele Jones    
    Name:   Michele Jones   
    Title:   Senior Vice President   
     
  By:   /s/ Darrell Holley    
    Name:   Darrell Holley   
    Title:   Managing Director
[Signature Page to Amendment No. 1
to the
Senior Credit Agreement]

 


 

         
         
  CALYON NEW YORK BRANCH
 
 
  By:   /s/ Tom Byargeon    
    Name:   Tom Byargeon   
    Title:   Managing Director   
     
  By:   /s/ Michael Willis    
    Name:   Michael Willis   
    Title:   Director   
 
Acknowledged by:
ADMINISTRATIVE AGENT
BANK OF AMERICA, N.A., as
     Administrative Agent
         
     
By:   /s/ Suzanne M. Paul      
  Name:   Suzanne M. Paul     
  Title:   Vice President     
 
[Signature Page to Amendment No. 1
to the
Senior Credit Agreement]