Third Amendment to Second Lien Term Loan Agreement Among Rosetta Resources Inc., as Borrower, BNP Paribas, as Administrative Agent, and The Lenders Signatory Hereto Effective as of May 1, 2007
Exhibit
10.30
Third
Amendment
to
Among
as
Borrower,
BNP
Paribas,
as
Administrative Agent,
and
The
Lenders Signatory Hereto
Effective
as of May 1, 2007
Third
Amendment to Second Lien Term Loan Agreement
This
Third Amendment to Second Lien Term Loan Agreement (this “Third Amendment”)
executed effective as of the 1st of May, 2007 (the “Third Amendment Effective
Date”) is among Rosetta Resources Inc., a corporation 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
Second Lien Term Loan Agreement dated as of July 7, 2005, as amended by the
First Amendment to Second Lien Term Loan Agreement dated September 26, 2005 and
the Second Amendment to Second Lien Term Loan Agreement, dated December 6, 2006
(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 Third Amendment, shall have the
meaning ascribed such term in the Credit Agreement. Unless otherwise
indicated, all section references in this Third Amendment refer to the Credit
Agreement.
Section
2. Amendments to Credit
Agreement.
2.1 Section
1.02. The following definitions are hereby added or amended
and restated in its entirety as follows:
“Agreement” means this
Second Lien Term Loan Agreement, as amended by the First Amendment to Second
Lien Term Loan Agreement, dated September 26, 2005, the Second Amendment to
Second Lien Term Loan Agreement, dated December 6, 2006 and the Third Amendment
to Second Lien Term Loan Agreement, dated May 1, 2007, as the same may from time
to time be further amended, modified, supplemented or restated.
2.2 Section
9.19(b). Section 9.19(b) is hereby amended and restated in its
entirety as follows (bold indicates changes from the previous Section
9.19(b)):
Page
1
“(b) Swap
Agreements in respect of commodities (including price Swap Agreements, basis
differential Swap Agreements, caps, collars, floors and other similar agreements
described in the definition of “Swap Agreements”) (i) with an Approved
Counterparty and (ii) the notional volumes for which, (when aggregated with
other commodity Swap Agreements then in effect other than basis differential
swaps on volumes already hedged pursuant to other Swap Agreements) do not
exceed, as of the date each such Swap Agreement is executed, (A) 100% of the
reasonably anticipated projected production (as shown in the most recent Reserve
Report and/or in another
engineering report which is in form and substance satisfactory to the
Administrative Agent) from proved, developed, producing Oil and Gas
Properties for each twelve month period during which each such Swap Agreement is
in effect, for the next thirty-six months succeeding the execution of each such
Swap Agreement, (B) 75% of the reasonably anticipated projected production (as
shown in the most recent Reserve Report and/or in another engineering report
which is in form and substance satisfactory to the Administrative Agent)
from proved, developed, producing Oil and Gas Properties for each twelve month
period during which each such Swap Agreement is in effect, for each twelve month
period after the first thirty-six months after each such Swap Agreement is
executed, (C) 50% of the reasonably anticipated projected production (as shown
in the most recent Reserve Report and/or in another engineering report
which is in form and substance satisfactory to the Administrative Agent)
from proved, developed, non-producing Oil and Gas Properties for each twelve
month period during which each such Swap Agreement is in effect, for the next
twenty-four months succeeding the execution of each such Swap Agreement and (D)
35% of the reasonably anticipated projected production (as shown in the most
recent Reserve Report and/or in
another engineering report which is in form and substance satisfactory to the
Administrative Agent) from proved, developed, non-producing Oil and Gas
Properties for each twelve month period during which each such Swap Agreement is
in effect, for the period of twelve months succeeding the two-year anniversary
of the execution of each such Swap Agreement; provided, however, that for
purposes of this Section 9.19(b), put options and price floors for crude oil and
natural gas shall be disregarded;”
Section
3. Conditions
Precedent. The effectiveness of this Third 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 of Outstanding
Invoices. Payment by the Borrower to the Administrative Agent
of all fees and other amounts due and payable on or prior to the Third 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 Third
Amendment. The Administrative Agent shall have received
multiple counterparts as requested of this Third Amendment from the Majority
Lenders.
Page
2
3.3 No
Default. No Default or Event of Default shall have occurred
and be continuing as of the Third 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 Third 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 Third 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 Third 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 Third Amendment) shall
remain in full force and effect in accordance with its terms following the
effectiveness of this Third Amendment.
5.2 Ratification and Affirmation
of Obligors. Each of the Obligors hereby expressly (i)
acknowledges the terms of this Third 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
Third 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.
5.4 No Oral
Agreement. This written Third 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 Third 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 New York.
Page
3
IN
WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly
executed effective as of the date first written above.
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BORROWER:
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By:
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▇▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇▇, Executive Vice President, Chief Financial Officer, Secretary
and Treasurer
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GUARANTORS:
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ROSETTA
RESOURCES OFFSHORE, LLC
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ROSETTA
RESOURCES HOLDINGS, LLC
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ROSETTA
RESOURCES OPERATING GP, LLC
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ROSETTA
RESOURCES OPERATING LP
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By:
Rosetta Resources Operating GP, LLC, its general
partner
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By:
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▇▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇▇, Executive Vice President, Chief Financial Officer, Secretary
and
Treasurer
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Third
Amendment – 2nd Lien Term Loan Agreement
Signature
Page - 4
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ADMINISTRATIVE
AGENT:
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BNP
PARIBAS,
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as
Administrative Agent
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By:
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Name:
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Title:
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By:
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Name:
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Title:
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LENDERS:
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BNP
PARIBAS
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By:
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Name:
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Title:
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By:
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Name:
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Title:
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ENERGY
COMPONENTS SPC EEP ENERGY EXPLORATION AND PRODUCTION SEGREGATED
PORTFOLIO
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By:
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Name:
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Title:
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▇.▇.
▇▇▇▇▇▇ WHITEFRIARS INC.
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By:
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Name:
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Title:
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Third
Amendment – 2nd Lien Term Loan Agreement
Signature
Page - 5
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LENDERS:
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THE
PRUDENTIAL INSURANCE COMPANY OF AMERICA
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By:
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Name:
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Title:
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PRUCO
LIFE INSURANCE COMPANY
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By:
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Name:
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Title:
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AMERICAN
SKANDIA LIFE ASSURANCE CORPORATION
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By:
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Prudential
Investment Management, Inc., as investment manager
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By:
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Name:
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Title:
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GATEWAY
RECOVERY TRUST
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By:
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Prudential
Investment Management, Inc., as asset manager
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By:
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Name:
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Title:
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Third
Amendment – 2nd Lien Term Loan Agreement
Signature Page - 6