FOURTH AMENDED AND RESTATED
CREDIT AGREEMENT
WHITING PETROLEUM
CORPORATION,
as Parent Guarantor,
WHITING OIL AND GAS
CORPORATION,
as Borrower,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
BANK OF AMERICA, N.A. and
WELLS FARGO BANK, N.A.,
as Syndication Agents
CALYON NEW YORK BRANCH and
COMPASS BANK,
as Documentation Agents
J.P. MORGAN SECURITIES INC.,
as Sole Lead Arranger and Sole Bookrunner
FIRST AMENDMENT TO FOURTH AMENDED
AND RESTATED CREDIT AGREEMENT
THIS FIRST
AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this
“ First Amendment ”) dated as of June 15,
2009, is among WHITING PETROLEUM CORPORATION , a Delaware corporation, as the
Parent Guarantor, WHITING
OIL AND GAS CORPORATION, a Delaware corporation, as the
Borrower, JPMORGAN CHASE
BANK , N.A. , as Administrative Agent, and the other
Agents the Lenders party hereto.
A. The Parent
Guarantor, the Borrower, the Administrative Agent, other parties as
agents and the Lenders are parties to that certain Fourth Amended
and Restated Credit Agreement dated as of April 28, 2009 (the
“ Credit Agreement ”), pursuant to which the
Lenders have made certain loans to and extensions of credit for the
account of the Borrower.
B. The
Borrower has requested and the Majority 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 used herein but not
otherwise defined herein has the meaning given such term in the
Credit Agreement. Unless otherwise indicated, all article and
section references in this First Amendment refer to articles and
sections of the Credit Agreement.
Section 2.
Amendments to Credit Agreement.
2.1 Amendments
to Section 1.02.
(a) The
definition of “ Agreement ” is hereby deleted
and replaced in its entirety to read as follows:
“
Agreement ” means this Credit Agreement, as amended by
the First Amendment and as the same may from time to time be
amended, modified, supplemented or restated.
(b) The
following definitions are hereby added where alphabetically
appropriate to read as follows:
“ First
Amendment ” means the First Amendment to Fourth Amended
and Restated Credit Agreement dated as of June 15, 2009 among
the Parent Guarantor, the Borrower, the Administrative Agent and
the other Agents and the Lenders party thereto.
1
“
Designated Preferred Convertible Stock ” means any
series of the Parent Guarantor’s cumulative perpetual
convertible preferred Equity Interests which (a) have liquidation
preference to common Equity Interests of the Parent Guarantor, (b)
are convertible at the option of the holder or the Parent Guarantor
into shares of common Equity Interests of the Parent Guarantor,
(c) are not Disqualified Capital Stock, (d) have a stated
dividend rate not to exceed 7% per annum and (e) have terms
reasonably acceptable to the Administrative Agent; provided that
the aggregate liquidation preference of all Designated Preferred
Convertible Stock outstanding shall not exceed $345,000,000.00 at
any time.
2.2 Restricted
Payments . Section 9.04(a) is hereby deleted and replaced
in its entirety to read as follows:
(a) Restricted
Payments. The Parent Guarantor will not, and will not permit
any Credit Party to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, return any capital
to its stockholders on account of such Equity Interests or make any
distribution of its Property to its Equity Interest holders on
account of such Equity Interests, except
(i) the Parent
Guarantor may declare and pay dividends with respect to its Equity
Interests payable solely in additional shares of its Equity
Interests (other than Disqualified Capital Stock),
(ii) Subsidiaries
may declare and pay dividends ratably with respect to their Equity
Interests,
(iii) the Parent
Guarantor may make Restricted Payments pursuant to and in
accordance with equity incentive plans, stock option plans or
arrangements or other benefit plans or arrangements for management,
employees or directors of the Parent Guarantor and the Credit
Parties in an amount not to exceed $5,000,000 during any fiscal
year and $10,000,000 during the term of this Agreement,
(iv) if no
Default, Event of Default or Borrowing Base Deficiency exists at
the time of payment, then the Parent Guarantor may pay cash
dividends on its Designated Preferred Convertible Stock during the
term hereof in an aggregate amount not to exceed, as of the date of
payment, the product of (A) the lesser of (1) $6,250,000 and
(2) the aggregate liquidation preference of each outstanding
series of Designated Preferred Convertible Stock issued prior to
July 31, 2009 times one fourth of the corresponding
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