Exhibit 10.1
FIRST
AMENDMENT
TO
FIRST AMENDED AND RESTATED
CREDIT AGREEMENT
THIS FIRST AMENDMENT TO FIRST AMENDED AND
RESTATED CREDIT AGREEMENT (this “Amendment”) is made
and entered into effective as of December 17, 2007 (the
“ Effective Date ”), by and among
HELMERICH & PAYNE INTERNATIONAL DRILLING CO., a Delaware
corporation (the “ Borrower ”),
HELMERICH & PAYNE, INC., a Delaware corporation (the
“ Parent ”), and BANK OF OKLAHOMA, NATIONAL
ASSOCIATION, as Lender (the “ Lender” ), with
reference to the following:
RECITALS
A.
The Borrower, the Parent and the Lender are parties to that certain
First Amended and Restated Credit Agreement dated December 18,
2006 (hereinafter referred to as the “ Credit
Agreement ”). Capitalized terms used in this Amendment
and not otherwise defined herein have the respective meanings
assigned to them in the Credit Agreement, and the rules of
construction set forth in the Credit Agreement shall also govern
the construction and interpretation of this Amendment.
B.
Pursuant to the Credit Agreement, the Lender established the
Facility in favor of the Borrower.
C.
At the Parent and the Borrower’s request, the Lender has
agreed to extend the availability of the Facility to
December 15, 2008, subject to the terms and conditions set
forth in this Amendment.
NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements herein contained,
and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereby amend
the Credit Agreement as follows:
1.
EXTENSION OF THE FACILITY . As of the Effective Date,
the Revolving Commitment Termination Date is extended to
December 15, 2008, and the definition of “Revolving
Commitment Termination Date” appearing in Section 1.1 of
the Credit Agreement is amended in its entirety to read as
follows:
“ Revolving Commitment Termination Date
” means December 15, 2008.
2.
REPRESENTATIONS AND WARRANTIES . The Borrower and the
Parent confirm that all representations and warranties made by them
in Article VI of the Credit Agreement are, and will be on the
Effective Date, true and correct.
