First Amendment

First Amendment to Limited Waiver

Exhibit 10.1

EXECUTION VERSION

FIRST AMENDMENT TO LIMITED WAIVER

This FIRST AMENDMENT TO LIMITED WAIVER (this “Agreement”), dated as of November 30, 2016 (the “Amendment Effective Date”), is among Memorial Production Operating LLC, a limited liability company formed under the laws of the State of Delaware (the “Borrower”); Memorial Production Partners LP, a limited partnership formed under the laws of the State of Delaware (the “Parent”); each of the other undersigned guarantors (together with the Borrower and the Parent, collectively, the “Loan Parties”); each of the Lenders that is a signatory hereto (each, a “Consenting Lender” and, collectively, the “Consenting Lenders”); and Wells Fargo Bank, National Association, as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”).

Recitals

A.    The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of December 14, 2011 (as amended, restated, amended and restated supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to, and on behalf of, the Borrower;

B.    The Borrower, the Parent, the other Loan Parties, the Administrative Agent and certain Lenders entered into that certain Limited Waiver and Twelfth Amendment to Credit Agreement, dated as of November 1, 2016 (the “Original Limited Waiver”), pursuant to which the Administrative Agent and the Lenders agreed to a limited waiver of the Prospective Defaults (as defined in the Original Limited Waiver) for the duration of the period commencing on the Waiver Effective Date (as defined in the Original Limited Waiver) and ending on November 30, 2016 at 5:00 p.m., New York City time (the “Original Waiver Period”), upon the terms set forth in the Original Limited Waiver, without waiving any of their other rights or remedies;

C.    The Borrower has requested that the Administrative Agent and the Lenders extend the Original Waiver Period;

D.    The extension of the Original Waiver Period by the Administrative Agent and the Lenders as provided for in this Agreement shall result in direct and tangible benefits to the Borrower and the other Loan Parties;

E.    The Administrative Agent and the Lenders are willing to extend the Original Waiver Period, subject to the terms and conditions set forth herein; and

F.    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 or the Original Limited Waiver, but which is not defined in this Agreement, shall have the meaning ascribed such term in the Credit Agreement or Original Limited Waiver, as applicable.

Section 2.    Amendments to Original Limited Waiver. In reliance on the representations, warranties, covenants, and agreements contained in this Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Original Limited Waiver shall be amended as of the Amendment Effective Date in the manner provided in this Section 2.


2.1    Amendment to Section 3 of the Original Limited Waiver. The date “November 30, 2016” in Section 3 of the Original Limited Waiver shall be deleted and replaced with “December 16, 2016”.

2.2    Amendment to Section 3(m) of the Original Limited Waiver. Section 3(m) of the Original Limited Waiver is hereby amended and restated in its entirety to read in full as follows:

(m) Expenses. The Borrower shall pay each Lender’s reasonable and documented out-of-pocket fees and expenses incurred prior to the Amendment Effective Date (as defined in the First Amendment to Limited Waiver, dated as of November 30, 2016 (the “Waiver Amendment”), among the Borrower, the other Loan Parties, the Administrative Agent and the Lenders), in connection with the Eleventh Amendment, October 2016 Borrowing Base Redetermination, this Waiver, and the Waiver Amendment, in an aggregate amount not to exceed $150,000 for all such Lenders, within three Business Days of receipt of an invoice from such Lender.

Section 3.    Conditions Precedent to this Agreement. The effectiveness of the amendments contained in Section 2 hereof is subject to the following:

(a)    The Administrative Agent shall have received counterparts of this Agreement from the Loan Parties and the Majority Lenders.

(b)    (i) All fees and expenses incurred prior to the Amendment Effective Date due and owing to Linklaters LLP, Opportune LLP and Vinson & Elkins LLP and (ii) all out of pocket fees and expenses incurred by any Lender prior to the Amendment Effective Date which are due and owing pursuant to the Original Limited Waiver or this Agreement, in each case invoiced prior to the Amendment Effective Date, shall have been paid or reimbursed by the Borrower.

(c)    No Default (other than the Prospective Defaults), Event of Default (other than the Prospective Defaults) or Borrowing Base Deficiency shall exist immediately prior to or after giving effect to this Agreement.

(d)    The Borrower shall have, and shall have caused the other Loan Parties to, grant to the Administrative Agent as security for the Indebtedness a first-priority Lien interest on additional Oil and Gas Properties of the Loan Parties not already subject to a Lien pursuant to the Security Instruments as required by Section 6 of the Original Limited Waiver.

The Administrative Agent shall notify the Borrower and the Lenders of the effectiveness of this Agreement, and such notice shall be conclusive and binding.

Section 4.    Representations and Warranties; Etc. Each Loan Party hereby affirms, subject to the Prospective Defaults: (a) that as of the date hereof, all of the representations and warranties contained in each Loan Document to which such Loan Party is a party are true and correct in all material respects as though made on and as of the date hereof (unless made as of a specific earlier date, in which case, was true as of such date and except to the extent that any such representation and warranty is qualified by materiality, in which case such representation and warranty shall continue to be true and correct in all respects), (b) no Defaults exist under the Loan Documents or will, after giving effect to this Agreement, exist under the Loan Documents and (c) no Material Adverse Effect has occurred.

 

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Section 5.    Miscellaneous.

5.1.    Confirmation and Effect. The provisions of the Original Limited Waiver (as amended and modified by this Agreement) shall remain in full force and effect in accordance with its terms following the effectiveness of this Agreement. The provisions of each of the Credit Agreement and other Loan Documents shall remain in full force and effect in accordance with its terms following the effectiveness of this Agreement. Each reference in the Original Limited Waiver to “this Waiver”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Original Limited Waiver as amended and modified hereby, and each reference to the Original Limited Waiver in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Original Limited Waiver as amended and modified hereby. This Agreement is a Loan Document for all purposes under the Loan Documents.

5.2.    Ratification and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly (a) acknowledges the terms of this Agreement, (b) ratifies and affirms its obligations under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended and modified hereby, (c) acknowledges, renews and extends its continued liability under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended and modified hereby, (d) ratifies and affirms all Liens granted by it pursuant to the Loan Documents to secure the Indebtedness (except to the extent that such Liens have been released in accordance with the Loan Documents) and (e) agrees that its guarantee under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended and modified hereby, remains in full force and effect with respect to the Indebtedness.

5.3.    Counterparts. This Agreement 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. Delivery of this Agreement by facsimile or electronic (e.g., pdf) transmission shall be effective as delivery of a manually executed original counterpart hereof.

5.4.    No Oral Agreement. THIS WRITTEN AGREEMENT, 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 UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

5.5.    Governing Law. THIS AGREEMENT (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.

5.6.    Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

5.7.    Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

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5.8.    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

5.9.    Release. EACH OF THE LOAN PARTIES, ON ITS OWN BEHALF AND ON BEHALF OF ITS SUCCESSORS AND ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASING PARTIES”), HEREBY ACKNOWLEDGES AND STIPULATES THAT AS OF THE DATE OF THIS AGREEMENT, NONE OF THE RELEASING PARTIES HAS ANY CLAIMS, CAUSES OF ACTION, DEMANDS OR LIABILITIES OF ANY KIND WHATSOEVER, WHETHER DIRECT OR INDIRECT, FIXED OR CONTINGENT, LIQUIDATED OR UNLIQUIDATED, DISPUTED OR UNDISPUTED, KNOWN OR UNKNOWN, AGAINST, OR ANY GROUNDS OR CAUSE FOR REDUCTION, MODIFICATION, SET ASIDE OR SUBORDINATION OF THE INDEBTEDNESS OR ANY LIENS OR SECURITY INTERESTS OF, IN EACH CASE WHICH ARISE OUT OF OR ARE RELATED TO THE INDEBTEDNESS OR ANY OF THE LOAN DOCUMENTS (EACH, A “RELEASED CLAIM”), THE ADMINISTRATIVE AGENT, THE ISSUING BANK, THE OTHER SECURED PARTIES OR ANY OF THEIR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, OR REPRESENTATIVES, OR AGAINST ANY OF THEIR RESPECTIVE SUCCESSORS OR ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASED PARTIES”). IN PARTIAL CONSIDERATION FOR THE AGREEMENT OF THE ADMINISTRATIVE AGENT AND THE LENDERS PARTY HERETO TO ENTER INTO THIS AGREEMENT, EACH OF THE RELEASING PARTIES HEREBY UNCONDITIONALLY WAIVES AND FULLY AND FOREVER RELEASES, REMISES, DISCHARGES AND HOLDS HARMLESS THE RELEASED PARTIES FROM ANY AND ALL RELEASED CLAIMS, WHICH ANY OF THE RELEASING PARTIES HAS OR MAY ACQUIRE IN THE FUTURE RELATING IN ANY WAY TO ANY EVENT, CIRCUMSTANCE, ACTION OR FAILURE TO ACT AT ANY TIME ON OR PRIOR TO THE AMENDMENT EFFECTIVE DATE, SUCH WAIVER, RELEASE AND DISCHARGE BEING MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE CIRCUMSTANCES AND EFFECTS OF SUCH WAIVER, RELEASE AND DISCHARGE, AND AFTER HAVING CONSULTED LEGAL COUNSEL OF ITS OWN CHOOSING WITH RESPECT THERETO. THIS PARAGRAPH IS IN ADDITION TO ANY OTHER RELEASE OF ANY OF THE RELEASED PARTIES BY THE RELEASING PARTIES AND SHALL NOT IN ANY WAY LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE OR WAIVER BY THE RELEASING PARTIES IN FAVOR OF THE RELEASED PARTIES.

[Signature pages follow]

 

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

 

BORROWER:   MEMORIAL PRODUCTION OPERATING LLC, a Delaware limited liability company
    By:    Memorial Production Partners LP, its sole member
    By:   Memorial Production Partners GP LLC, its general partner
      By:  

/s/ Robert L. Stillwell, Jr.

      Name:    Robert L. Stillwell, Jr.
      Title:   Chief Financial Officer
GUARANTORS:   MEMORIAL PRODUCTION PARTNERS LP, a Delaware limited partnership
    By:   Memorial Production Partners GP LLC, its general partner
      By:  

/s/ Robert L. Stillwell, Jr.

      Name:   Robert L. Stillwell, Jr.
      Title:   Chief Financial Officer
  COLUMBUS ENERGY, LLC, a Delaware limited liability company
    By:   Memorial Production Operating LLC, its sole member
    By:   Memorial Production Partners LP, its sole member
    By:   Memorial Production Partners GP LLC, its general partner
      By:  

/s/ Robert L. Stillwell, Jr.

      Name:   Robert L. Stillwell, Jr.
      Title:   Chief Financial Officer

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO LIMITED WAIVER

MEMORIAL PRODUCTION OPERATING LLC]


WHT ENERGY PARTNERS LLC, a Delaware limited liability company
  By:   Memorial Production Operating LLC, its sole member
  By:    Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:    Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
RISE ENERGY OPERATING, LLC, a Delaware limited liability company
  By:   Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer

 

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MEMORIAL PRODUCTION OPERATING LLC]


RISE ENERGY MINERALS, LLC, a Delaware limited liability company
  By:   Rise Energy Operating, LLC, its sole member
  By:   Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
RISE ENERGY BETA, LLC, a Delaware limited liability company
  By:    Rise Energy Operating, LLC, its sole member
  By:   Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:    Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
MEMORIAL PRODUCTION FINANCE CORPORATION, a Delaware corporation
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer

 

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MEMORIAL PRODUCTION OPERATING LLC]


WHT CARTHAGE LLC, a Delaware limited liability company
  By:   WHT Energy Partners LLC, its sole member
  By:    Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:    Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
MEMORIAL ENERGY SERVICES LLC, a Delaware limited liability company
  By:   Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC,
    its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO LIMITED WAIVER

MEMORIAL PRODUCTION OPERATING LLC]


MEMORIAL MIDSTREAM LLC, a Texas limited liability company
  By:   Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer

 

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MEMORIAL PRODUCTION OPERATING LLC]


SAN PEDRO BAY PIPELINE COMPANY, a California corporation
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
MEMP SERVICES LLC, a Delaware limited liability company
  By   Memorial Production Partners LP, its sole member
  By:    Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:    Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
BETA OPERATING COMPANY, LLC
  By:   Memorial Production Operating LLC, its sole member
  By:   Memorial Production Partners LP, its sole member
  By:   Memorial Production Partners GP LLC, its general partner
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer
MEMORIAL PRODUCTION PARTNERS GP LLC
    By:  

/s/ Robert L. Stillwell, Jr.

    Name:   Robert L. Stillwell, Jr.
    Title:   Chief Financial Officer

 

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MEMORIAL PRODUCTION OPERATING LLC]


ADMINISTRATIVE AGENT AND LENDER:

 

  WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Bank and a Lender
  By:  

/s/ Bryan McDavid

  Name:    Bryan McDavid
  Title:   Director

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   ZB, N.A. DBA AMEGY BANK, as a Lender
  By:   

/s/ Sam Trail

  Name: Sam Trail
  Title: Senior Vice President

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   ASSOCIATED BANK, N.A., as a Lender
  By:  

/s/ Alison K. Tregilgas

  Name: Alison K. Tregilgas
  Title: Senior Vice President

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   BARCLAYS BANK PLC, as a Lender
  By:   

/s/ Vanessa Kurbatskiy

  Name: Vanessa Kurbatskiy
  Title: Vice President

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   BRANCH BANKING AND TRUST COMPANY, as a Lender
  By:   

/s/ James Giordano

  Name: James Giordano
  Title: Senior Vice President

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   BMO HARRIS BANK, N.A., as a Lender
  By:   

/s/ James V. Ducote

  Name: James V. Ducote
  Title: Managing Director

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   CADENCE BANK, N.A., as a Lender
  By:   

/s/ Anthony Blanco

  Name: Anthony Blanco
  Title: Vice President

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO LIMITED WAIVER

MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
  By:   

/s/ Charles D. Mulkeen

  Name: Charles D. Mulkeen
  Title: Executive Director

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
  By:   

/s/ Michael Higgins

  Name: Michael Higgins
  Title: Senior Director

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   CARGILL, INCORPORATED, as a Lender
  By:   

/s/ Tyler R. Smith

  Name: Tyler R. Smith
  Title: Authorized Signer

 

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LENDER:   CITIBANK, N.A., as a Lender
  By:   

/s/ Peter T. Baumann

  Name: Peter T. Baumann
  Title: Managing Director

 

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LENDER:   CITIZENS BANK, N.A., as a Lender
  By:   

/s/ David W. Stack

  Name: David W. Stack
  Title: Senior Vice President

 

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LENDER:   COMERICA BANK, as a Lender
  By:   

/s/ Chad Stephenson

  Name: Chad Stephenson
  Title: Vice President

 

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MEMORIAL PRODUCTION OPERATING LLC]


LENDER:   COMPASS BANK, as a Lender
  By:   

/s/ William H. Douning

  Name: William H. Douning
  Title: Sr. Vice President

 

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LENDER:   CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
  By:   

/s/ Yuriy A. Tsyganov

  Name: Yuriy A. Tsyganov
  Title: Director
  By:  

/s/ Kathleen Sweeney

  Name: Kathleen Sweeney
  Title: MD

 

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LENDER:     DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
    By:  

/s/ Benjamin Souh

    Name: Benjamin Souh
    Title: Vice President
    By:   

/s/ Marcus Tarkington

    Name: Marcus Tarkington
    Title: Director

 

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LENDER:   GOLDMAN SACHS BANK USA, as a Lender
  By:   

/s/ Eddie Arhagba

  Name: Eddie Arhagba
  Title: Authorized Signatory

 

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LENDER:   ING CAPITAL LLC, as a Lender
  By:  

/s/ Josh Strong

  Name: Josh Strong
  Title: Director
  By:   

/s/ Scott Lamoreaux

  Name: Scott Lamoreaux
  Title: Director

 

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LENDER:   JPMORGAN CHASE BANK, N.A., as a Lender
  By:   

/s/ Theresa M. Benson

  Name: Theresa M. Benson
  Title: Authorized Officer

 

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LENDER:   NATIXIS, NEW YORK BRANCH, as a Lender
  By:  

/s/ Timothy Polvado

  Name: Timothy Polvado
  Title: Senior Managing Director
  By:   

/s/ B. Le Foyer

  Name: B. Le Foyer
  Title: Director

 

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LENDER:   REGIONS BANK, as a Lender
  By:   

/s/ J. Patrick Carrigan

  Name: J. Patrick Carrigan
  Title: Senior Vice President

 

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LENDER:   ROYAL BANK OF CANADA, as a Lender
  By:   

/s/ Mark Lumpkin, Jr.

  Name: Mark Lumpkin, Jr.
  Title: Authorized Signatory

 

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LENDER:   SANTANDER BANK, N.A., as a Lender
  By:  

/s/ Aidan Lanigan

  Name: Aidan Lanigan
  Title: Senior Vice President
  By:   

/s/ Puiki Lok

  Name: Puiki Lok
  Title: Vice President

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO LIMITED WAIVER

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LENDER:   SUNTRUST BANK, as a Lender
  By:   

/s/ William S. Krueger

  Name: William S. Krueger
  Title: First Vice President

 

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LENDER:   UBS AG, STAMFORD BRANCH, as a Lender
  By:   

/s/ Denise Bushee

  Name: Denise Bushee
  Title: Associate Director
  By:  

/s/ Darlene Arias

  Name: Darlene Arias
  Title: Director

 

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LENDER:   U.S. BANK NATIONAL ASSOCIATION, as a Lender
  By:   

/s/ Mike Warren

  Name: Mike Warren
  Title: Sr VP

 

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