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EX-21.1 - EX-21.1 - GeoMet, Inc.a15-1743_1ex21d1.htm
EX-23.1 - EX-23.1 - GeoMet, Inc.a15-1743_1ex23d1.htm
10-K - 10-K - GeoMet, Inc.a15-1743_110k.htm

Exhibit 10.7

 

FIRST AMENDMENT TO
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

 

This First Amendment to Fifth Amended and Restated Credit Agreement (thisFirst Amendment”) is entered into as of the 16th day of March, 2012 (theEffective Date”), by and among GEOMET, INC., a Delaware corporation (“Borrower”). BANK OF AMERICA, N.A., as Administrative Agent (“Administrative Agent”), and the Banks party hereto.

 

WITNESSETH:

 

WHEREAS, Borrower, Administrative Agent, the financial institutions party thereto as Banks, and the other agents party thereto are parties to that certain Fifth Amended and Restated Credit Agreement dated as of October 14, 2011 (as amended, theCredit Agreement”) (unless otherwise defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the Credit Agreement); and

 

WHEREAS, pursuant to the Credit Agreement, Banks have made a revolving credit loan to Borrower and provided certain other credit accommodations to Borrower; and

 

WHEREAS, Borrower has requested that the Banks amend the definition of Consolidated EBITDA; and

 

WHEREAS, the Administrative Agent and the Banks are willing to amend the Credit Agreement as set forth herein on the terms and conditions set forth herein.

 

NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, Borrower, Administrative Agent and the Banks party hereto hereby agree as follows:

 

Section 1.                                           Amendments. In reliance on the representations, warranties, covenants and agreements contained in this First Amendment, and subject to the satisfaction of each condition precedent set forth in Section 2. the Credit Agreement shall be amended effective as of the Effective Date in the manner provided in this Section 1.

 

1.1                              Additional Definitions. Section 1.1 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definitions which shall read in full as follows:

 

ASC” means the Financial Accounting Standards Board Accounting Standards Codification, as in effect from time to time.”

 

First Amendment means that certain First Amendment to Fifth Amended and Restated Credit Agreement dated as of March 16, 2012, among Borrower, Administrative Agent and the Banks party thereto.

 



 

Loan Papers means this Agreement, the First Amendment, the Notes, each Facility Guaranty now or hereafter executed, the Mortgages, each Borrower Pledge Agreement now or hereafter executed, each Subsidiary Pledge Agreement now or hereafter executed, the Certificate of Effectiveness, the Letters of Credit and all other certificates, documents or instruments delivered in connection with this Agreement, as the foregoing may be amended from time to time.

 

1.2                              Amendments to Definitions. The definition ofConsolidated EBITDAcontained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

Consolidated EBITDA means, in the case of Borrower for any period, the Consolidated Net Income of Borrower for such period, plus each of the following determined for Borrower and its Consolidated Domestic Subsidiaries on a consolidated basis for such period: (a) any provision for (or less any benefit from) income or franchise Taxes included in determining Consolidated Net Income; (b) Consolidated Net Interest Expense deducted in determining Consolidated Net Income; (c) depreciation, depletion and amortization expense deducted in determining Consolidated Net Income; (d) non-cash gains, losses, adjustments or charges on any Oil and Gas Hedge Transactions, including those resulting from the requirements of ASC Topic 815 as a result of changes in the fair market value of Oil and Gas Hedge Transactions; and (e) other non-cash charges deducted in determining Consolidated Net Income to the extent not already included in clauses (b), (c) or (d) of this definition (including exploration expenses in the event Borrower uses successful efforts accounting).

 

Section 2.                                           Conditions Precedent to First Amendment. This First Amendment shall be effective as of the Effective Date when the following conditions precedent have been satisfied:

 

2.1                              Counterparts. Administrative Agent shall have received counterparts of this First Amendment executed on behalf of Borrower, Administrative Agent and the Required Banks.

 

2.2                              Other Information. Administrative Agent shall have received such other information and documents as may be reasonably required by Administrative Agent and its counsel.

 

Section 3.                                           Representations and Warranties of Borrower. To induce the Banks and Administrative Agent to enter into this First Amendment, Borrower hereby represents and warrants to Banks and Administrative Agent as follows:

 



 

3.1                              Reaffirm Existing Representations and Warranties. Each representation and warranty of Borrower contained in the Credit Agreement and the other Loan Papers is true and correct on the date hereof and will be true and correct after giving effect to the amendments set forth in Section 1 hereof.

 

3.2                              Due Authorization; No Conflict. The execution, delivery and performance by Borrower of this First Amendment are within Borrower’s corporate powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not violate or constitute a default under any provision of applicable law or any Material Agreement binding upon Borrower or any other Credit Party, or result in the creation or imposition of any Lien upon any of the assets of Borrower or any other Credit Party except Permitted Encumbrances.

 

3.3                              Validity and Enforceability. This First Amendment constitutes the valid and binding obligation of Borrower enforceable in accordance with its terms, except as (a) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (b) the availability of equitable remedies may be limited by equitable principles of general application.

 

3.4                              No Default. No Default or Event of Default shall have occurred which is continuing.

 

Section 4.                                           Miscellaneous.

 

4.1                              Reaffirmation of Loan Papers. Any and all of the terms and provisions of the Credit Agreement and the Loan Papers shall, except as amended and modified hereby, remain in full force and effect. The amendments contemplated hereby shall not limit or impair any Liens securing the Obligations, each of which are hereby ratified, affirmed and extended to secure the Obligations as they may be increased pursuant hereto.

 

4.2                              Parties in Interest. All of the terms and provisions of this First Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 

4.3                              Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees and expenses of counsel to Administrative Agent incurred by Administrative Agent in connection with the preparation, negotiation and execution of this First Amendment and all related documents.

 

4.4                              Counterparts. This First Amendment may be executed in counterparts, and all parties need not execute the same counterpart; however, no party shall be bound by this First Amendment until Borrower and Required Banks have executed a counterpart. Facsimiles or other electronic transmissions (e.g., pdf) shall be effective as originals.

 

4.5                              Complete Agreement.  THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN PAPERS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF

 



 

PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

 

4.6                              Headings. The headings, captions and arrangements used in this First Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this First Amendment, nor affect the meaning thereof.

 

4.7                              Governing Law. This First Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, other than conflict of laws rules thereof.

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed by their respective authorized officers on the date and year first above written.

 

[Signature Pages to Follow]

 



 

 

 

BORROWER:

 

 

 

 

 

 

 

GEOMET, INC.,

 

 

a Delaware corporation

 

 

 

 

 

 

 

 

By:

/s/ William C. Rankin

 

 

Name:

William C. Rankin

 

 

Title:

Executive Vice President

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

 

 

ADMINISTRATIVE AGENT/BANK:

 

 

 

 

 

BANK OF AMERICA, N.A.,

 

 

as Administrative Agent

 

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey H. Rathkamp

 

 

 

Jeffrey H. Rathkamp,

 

 

 

Managing Director

 

 

 

 

 

 

 

 

 

 

BANK OF AMERICA, N.A.,

 

 

as a Bank

 

 

 

 

 

 

 

 

 

 

By:

/s/ Jeffrey H. Rathkamp

 

 

 

Jeffrey H. Rathkamp,

 

 

 

Managing Director

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

 

BANKS:

 

 

 

 

 

BNP PARIBAS

 

 

 

 

 

 

By:

/s/ Edward Pak

 

Name:

Edward Pak

 

Title:

Director

 

 

 

 

 

 

 

By:

/s/ Greg Smothers

 

Name:

Greg Smothers

 

Title:

Director

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

 

BANK OF SCOTLAND plc

 

 

 

 

 

 

 

By:

/s/ Julia R. Franklin

 

Name:

Julia R. Franklin

 

Title:

Vice President

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Justin M. Alexander

 

Name:

Justin M. Alexander

 

Title:

Vice President

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

 

COMERICA BANK

 

 

 

 

 

By:

/s/ Brenton Bellamy

 

Name:

Brenton Bellamy

 

Title:

Assistant Vice President

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

 

CAPITAL ONE, NATIONAL ASSOCIATION

 

 

 

 

 

 

By:

/s/ Michael Higgins

 

Name:

Michael Higgins

 

Title:

Vice President

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.

 



 

The undersigned (i) consents and agrees to this First Amendment, and (ii) agrees that the Loan Papers to which it is a party (including, without limitation, the Amended and Restated Facility Guaranty dated as of November 18, 2011) shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of the undersigned, enforceable against it in accordance with its terms.

 

 

CONSENTED, ACKNOWLEDGED AND AGREED TO BY:

 

 

 

GEOMET GATHERING COMPANY, LLC,

 

an Alabama limited liability company

 

 

 

 

 

 

By:

/s/ William C. Rankin

 

Name:

William C. Rankin

 

Title:

Executive Vice President

 

 

 

 

 

 

 

GEOMET OPERATING COMPANY, INC.,

 

an Alabama corporation

 

 

 

 

 

 

 

By:

/s/ William C. Rankin

 

Name:

William C. Rankin

 

Title:

Executive Vice President

 

[Signature Page]

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

GEOMET, INC.