Reduction of COMMITment NOTICE
EXHIBIT 99.1
Reduction of COMMITment NOTICE
Date: November 3, 2015
| To: | Bank of America, N.A., as Administrative Agent |
Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of August 31, 2010 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among RPC, Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.
Pursuant to Section 2.06 of the Agreement, this serves as notice to reduce the Aggregate Commitments by $225,000,000, with the remaining Aggregate Commitments totaling $125,000,000. Accordingly, the reduction will be applied to the Commitment of each Lender according to its Applicable Percentage, with a revised Schedule 2.01 attached.
| RPC, INC. |
| By: | /s/ Xxxxxxx X. Xxxxxxx |
| Name: | XXXXXXX X. XXXXXXX |
| Title: | PRESIDENT & CEO |
Schedule 2.01
Commitments and Applicable Percentages
| Lender | Existing Commitment | New Commitment | Applicable Percentage | |||||||||
| Bank Of America, N.A | $ | 60,000,000.00 | $ | 21,428,571.43 | 17.142857143 | % | ||||||
| SunTrust Bank | $ | 60,000,000.00 | $ | 21,428,571.43 | 17.142857143 | % | ||||||
| Regions Bank | $ | 60,000,000.00 | $ | 21,428,571.43 | 17.142857143 | % | ||||||
| PNC Bank, National Association | $ | 60,000,000.00 | $ | 21,428,571.43 | 17.142857143 | % | ||||||
| Xxxxx Fargo Bank, National Association | $ | 40,000,000.00 | $ | 14,285,714.29 | 11.428571429 | % | ||||||
| Branch Banking & Trust Company | $ | 40,000,000.00 | $ | 14,285,714.29 | 11.428571429 | % | ||||||
| First Commercial Bank, a division of Synovus Bank | $ | 30,000,000.00 | $ | 10,714,285.70 | 8.571428571 | % | ||||||
| Total | $ | 350,000,000.00 | $ | 125,000,000.00 | 100.000000000 | % | ||||||
