EXECUTION COPY
Fourth
Amendment
to
Senior
Revolving Credit Agreement
Among
Rosetta
Resources Inc.,
as Borrower,
BNP Paribas,
as Administrative Agent,
and
The Lenders Signatory
Hereto
Effective as of June 9,
2008
Fourth
Amendment to Senior Revolving Credit Agreement
This Fourth Amendment to Senior Revolving Credit
Agreement (this “ Fourth Amendment ”) executed
effective as of the 9th of June, 2008 (the “ Fourth
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 Senior Revolving Credit Agreement dated as of July 7,
2005, as amended by the First Amendment to Senior Revolving Credit
Agreement dated September 26, 2005, the Second Amendment to Senior
Revolving Credit Agreement dated December 6, 2006 and the Third
Amendment to Senior Revolving Credit Agreement dated May 1, 2007
(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 Fourth
Amendment, shall have the meaning ascribed such term in the Credit
Agreement. Unless otherwise indicated, all section
references in this Fourth 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 Senior Revolving Credit
Agreement, as amended by the First Amendment to Senior Revolving
Credit Agreement, dated September 26, 2005, the Second
Amendment to Senior Revolving Credit Agreement, dated December 6,
2006, the Third Amendment to Senior Revolving Credit Agreement,
dated May 1, 2007 and the Fourth Amendment to Senior Revolving
Credit Agreement, dated as of June 9, 2008, as the same may from
time to time be further amended, modified, supplemented or
restated.
“
Applicable Margin ” means, for any day, with respect
to any ABR Loan or Eurodollar Loan, or with respect to the
Commitment Fee Rate, as the case may be, the rate per annum set
forth in the Borrowing Base Utilization Grid below based upon the
Borrowing Base Utilization Percentage then in effect:
|
Borrowing Base Utilization
Grid
|
Borrowing Base
Utilization Percentage
|
< 50%
|
³
50%
< 75 %
|
³
75 %
<
90 %
|
³
90 %
|
|
|
1.125%
|
1.375%
|
1.625%
|
1.875%
|
|
|
0.000%
|
0.000%
|
0.250%
|
0.500%
|
|
|
0.250%
|
0.375%
|
0.375%
|
0.375%
|
Each change in
the Applicable Margin or Commitment Fee Rate shall apply during the
period commencing on the effective date of such change and ending
on the date immediately preceding the effective date of the next
such change, provided, however, that if at any time the Borrower
fails to deliver a Reserve Report pursuant to Section 8.12(a), then
the “ Applicable Margin ” or “
Commitment Fee Rate ” means the rate per annum set
forth on the grid when the Borrowing Base Utilization Percentage is
at its highest level.
“
Maturity Date ” means April 5, 2010.
2.2
Scheduled Redetermination of the Borrowing Base
. Pursuant to Section 2.07(b), the Borrowing Base shall
be increased to $400,000,000, effective from and including June 9,
2008 to but excluding the next Redetermination
Date. Notwithstanding the foregoing, the Borrowing Base
may be subject to further adjustments from time to time pursuant to
Section 8.13(c) or Section 9.13.
2.3
Amendment to Section 9.21 . Section 9.21 is
hereby amended by replacing $5,000,000 with $15,000,000 in the
second sentence.
Section
3. New Lenders and
Reallocation of Commitments and Loans . The Lenders
have agreed among themselves, in consultation with the Borrower, to
reallocate their respective Commitments and (i) to, among other
things, allow each of Bank of America, N.A., Compass Bank and U.S.
Bank National Association to become a party to the Credit Agreement
as Lender, (each a “ New Lender ”) by acquiring
an interest in the total Commitments, (ii) to allow Guaranty Bank,
FSB (“ Guaranty Bank ”) and The Bank of Tokyo
– Mitsubishi UFJ, Ltd., New York Branch (as successor by
merger to UFJ Bank Limited) (each, an “ Exiting Lender
”) to assign and be released from their respective Commitment
and (iii) to allow Guaranty Bank to resign as
co-agent. The Administrative Agent and the Borrower
hereby consent to such reallocation and each New Lender’s
acquisition of an interest in the total Commitments, each Exiting
Lenders assignment and release from their respective Commitment and
to Guaranty Bank's resignation as a co-agent. On the
Fourth Amendment Effective Date and after giving effect to such
reallocation of the total Commitments, the Commitment of each
Lender shall be as set forth on Annex I of this Amendment and the
Commitment of each Exiting Lender shall be zero
($0.00). With respect to such reallocation, each New
Lender shall
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