Amendment No. 2 to Senior Credit Facility

Contract Categories: Business Finance - Credit Agreements
EX-10.10 4 h47329a1exv10w10.htm AMENDMENT NO. 2 TO SENIOR CREDIT FACILITY exv10w10
 

Exhibit 10.10
AMENDMENT No. 2
dated as of March 30, 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. 2 TO CREDIT AGREEMENT
     AMENDMENT dated as of March 30, 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. Amendments. The Credit Agreement is hereby amended as follows:
     (a) The definition of Interest Period in Section 1.01 is amended (i) by adding the words “two weeks or” immediately before the words “one, two, three or six months thereafter,” and (ii) by adding the words “of one-month or greater duration” immediately following the words “any Interest Period” in clause (ii).
     (b) Section 2.02(e) is amended by adding the clause “and no more than two of such Interest Periods shall be of a duration of two weeks” at the end thereof.
     (c) Section 2.03(a)(ii)(A) is amended by replacing the word “twelve” with the words “twenty four”.
     (d) The figure “$15,000,000” appearing in Section 7.03(f) is changed to “$25,000,000.”
     (e) Subsection (h) of Section 7.03 is amended to read in its entirety as follows:
     “(h) Indebtedness incurred by Lariat, and Guarantees of the Borrower in respect of such Indebtedness; provided that the principal amount of Indebtedness of Lariat guaranteed by the Borrower pursuant to this subsection (h) or otherwise shall at no time exceed $92,500,000;”

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     (f) The ratio “4.0:1.0” appearing in Section 7.11(b) is replaced by the following “(i) in the case of the fiscal quarters ending December 31, 2006, March 31, 2007 and June 30, 2007, 4.5:1.0 and (ii) in the case of any subsequent fiscal quarter, 4.0:1.0.”
     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.
     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/ Tom L. Ward    
    Name:   Tom L. Ward   
    Title:   Chairman and Chief
Executive Officer 
 
 
         
  LENDERS

BANK OF AMERICA, N.A., as Lender
 
 
  By:   /s/ Scott A. Mackey    
    Name:   Scott A. Mackey   
    Title:   Vice President   
 
         
  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. 2
to the
Senior Credit Agreement)
         
     
     
     
     
 

 


 

         
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH
 
 
  By:   /s/ Vanessa Gomez    
    Name:   Vanessa Gomez   
    Title:   Vice President   
 
         
     
  By:   /s/ James Neira    
    Name:   James Neira   
    Title:   Associate   
 
         
 
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/ Yahn Pirio    
    Name:   Yahn Pirio   
    Title:   Vice President   
 
         
  THE ROYAL BANK OF SCOTLAND PLC
 
 
  By:   /s/ Lucy Walker    
    Name:   Lucy Walker   
    Title:   Vice President   
 
(Signature Page to Amendment No. 2
to the
Senior Credit Agreement)
         
     
     
     
     
 

 


 

         
  BMO CAPITAL MARKETS FINANCING, INC.
 
 
  By:   /s/ Mary Lou Allen    
    Name:   Mary Lou Allen   
    Title:   Vice President   
 
         
  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. 2
to the
Senior Credit Agreement)
         
     
     
     
     
 

 


 

         
  BNP PARIBAS
 
 
  By:   /s/ David Dodd    
    Name:   David Dodd   
    Title:   Managing Director   
 
         
     
  By:   /s/ Russell Otts    
    Name:   Russell Otts   
    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   
 
         
  CALYON NEW YORK BRANCH
 
 
  By:   /s/ Tom Byargeon    
    Name:   Tom Byargeon   
    Title:   Managing Director   
 
         
     
  By:   /s/ Michael Willis    
    Name:   Michael Willis   
    Title:   Director   
 
(Signature Page to Amendment No. 2
to the
Senior Credit Agreement)
         
     
     
     
     
 

 


 

     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. 2
to the
Senior Credit Agreement)