Exhibit 10.1
FOURTH AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT

This Fourth Amendment to Amended and Restated Credit AgreemenT (this “Fourth
Amendment”) is entered into as of May 3, 2017 (the “Fourth Amendment Effective
Date”), by and among Denbury Resources Inc., a Delaware corporation
(“Borrower”), JPMorgan Chase Bank, N.A., as Administrative Agent
(“Administrative Agent”), and the financial institutions party hereto as Lenders
(hereinafter collectively referred to as the “Executing Lenders”, and each
individually, an “Executing Lender”).
W I T N E S S E T H
WHEREAS, Borrower, Administrative Agent, the other agents party thereto and
Lenders are parties to that certain Amended and Restated Credit Agreement dated
as of December 9, 2014 (as amended, supplemented or otherwise modified prior to
the date hereof, the “Credit Agreement”; unless otherwise defined herein, all
terms used herein with their initial letter capitalized shall have the meaning
given such terms in the Credit Agreement, including, to the extent applicable,
after giving effect to the amendments set forth in Section 1 of this Fourth
Amendment);

WHEREAS, pursuant to the Credit Agreement, Lenders have extended credit in the
form of Loans to Borrower and provided certain other credit accommodations to
Borrower;

WHEREAS, Borrower has requested that Lenders amend certain provisions contained
in the Credit Agreement as more specifically provided for herein; and
WHEREAS, subject to and upon the terms and conditions set forth herein, the
Executing Lenders have agreed to enter into this Fourth Amendment to amend
certain provisions of the Credit Agreement as more specifically provided for
herein.

NOW THEREFORE, for and in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confessed, Borrower,
Administrative Agent and the Executing Lenders hereby agree as follows:

Section 1.Amendments to Credit Agreement. In reliance on the representations,
warranties, covenants and agreements contained in this Fourth Amendment, and
subject to the satisfaction or waiver of the conditions precedent set forth in
Section 3 hereof, the Credit Agreement shall be amended effective as of the
Fourth Amendment Effective Date in the manner provided in this Section 1.

1.1Additional Definitions. Section 1.1 of the Credit Agreement shall be amended
to add thereto in alphabetical order the following definitions, which shall read
in full as follows:

“Consolidated Total Debt to Annualized Consolidated EBITDAX Ratio Test” shall
mean, as of any date of determination during a non-Investment

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Grade Period in connection with any of the transactions contemplated in the
definition of “Permitted Acquisition”, the last sentence of the definition of
“Unrestricted Subsidiary” and Sections 10.1(i)(i)(D), 10.1(j)(i)(B), 10.1(n),
10.1(aa)(iv), 10.3(a), 10.3(b), 10.5(g) or 10.6(i), the Consolidated Total Debt
to Annualized Consolidated EBITDAX Ratio is less than or equal to (a) 6.00 to
1.00 as of the last day of the Test Period ending on March 31, 2018, (b) 5.50 to
1.00 as of the last day of the Test Period ending on June 30, 2018 and (c) 5.00
to 1.00 as of the last day of each Test Period ending on September 30, 2018 and
December 31, 2018, in each case, after giving pro forma effect to any such
transactions and any Borrowings made on the date thereof, as the case may be;
provided, that, Borrower shall be deemed to be in compliance with this
Consolidated Total Debt to Annualized Consolidated EBITDAX Ratio Test so long as
the Consolidated Total Debt to Annualized Consolidated EBITDAX Ratio decreases
after giving pro forma effect to such transactions or Borrowings compared to the
Consolidated Total Debt to Annualized Consolidated EBITDAX Ratio immediately
prior to giving effect to such transactions or Borrowings, regardless of whether
the Consolidated Total Debt to Annualized Consolidated EBITDAX Ratio is actually
less than or equal to the relevant ratio set forth in this definition at such
time.
“Consolidated Total Debt to Consolidated EBITDAX Ratio Test (2017)” shall mean,
as of any date of determination in connection with any of the transactions
contemplated in Sections 10.1(i)(i)(D), 10.1(j)(i)(B), 10.1(n), 10.5(g) or
10.6(i), the Consolidated Total Debt to Consolidated EBITDAX Ratio is less than
or equal to 6.00 to 1.00 as of the last day of each Test Period ending on March
31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, in each case,
after giving pro forma effect to any such transactions and any Borrowings made
on the date thereof, as the case may be; provided, that, Borrower shall be
deemed to be in compliance with this Consolidated Total Debt to Consolidated
EBITDAX Ratio Test (2017) so long as the Consolidated Total Debt to Consolidated
EBITDAX Ratio decreases after giving pro forma effect to such transactions or
Borrowings compared to the Consolidated Total Debt to Consolidated EBITDAX Ratio
immediately prior to giving effect to such transactions or Borrowings,
regardless of whether the Consolidated Total Debt to Consolidated EBITDAX Ratio
is actually less than or equal to the relevant ratio set forth in this
definition at such time.
“Consolidated Total Debt to Consolidated EBITDAX Ratio Test (2019)” shall mean,
as of any date of determination in connection with any of the transactions
contemplated in the definition of “Permitted Acquisition”, the last sentence of
the definition of “Unrestricted Subsidiary” and Sections 10.1(i)(i)(D),
10.1(j)(i)(B), 10.1(n), 10.1(aa)(iv), 10.3(a), 10.3(b), 10.5(g) or 10.6(i), the
Consolidated Total Debt to Consolidated EBITDAX Ratio is less than or equal to
(a) 4.25 to 1.00 as of the last day of each Test Period ending during any
Investment Grade Period, and as of the last day of each Test Period ending on or
after March 31, 2019, in each case, after giving pro forma effect to any such
transactions and any Borrowings made on the date thereof, as the case may be;
provided, that, Borrower shall be deemed to be in compliance with this

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Consolidated Total Debt to Consolidated EBITDAX Ratio Test (2019) so long as the
Consolidated Total Debt to Consolidated EBITDAX Ratio decreases after giving pro
forma effect to such transactions or Borrowings compared to the Consolidated
Total Debt to Consolidated EBITDAX Ratio immediately prior to giving effect to
such transactions or Borrowings, regardless of whether the Consolidated Total
Debt to Consolidated EBITDAX Ratio is actually less than or equal to the
relevant ratio set forth in this definition at such time.
“Fourth Amendment” shall mean that certain Fourth Amendment to Amended and
Restated Credit Agreement dated as of May 3, 2017 among the Borrower, the
Guarantors, the Administrative Agent and the Lenders party thereto.
“Total Leverage Tests” shall mean the Consolidated Total Debt to Consolidated
EBITDAX Ratio Test (2017), the Consolidated Total Debt to Consolidated EBITDAX
Ratio Test (2019) and the Consolidated Total Debt to Annualized Consolidated
EBITDAX Ratio Test.
1.2Restatement of Definitions. The definitions of “Applicable Margin”, “Credit
Documents”, “Financial Performance Covenants”, “Joint Bookrunners” and “Joint
Lead Arrangers” contained in Section 1.1 of the Credit Agreement shall be
amended and restated to read in full as follows:

“Applicable Margin” shall mean, for any day, with respect to any ABR Loan or
LIBOR Loan or Commitment Fee, as the case may be;
(a)    at any time other than during an Investment Grade Period, the rate per
annum set forth in the grid below based upon the Borrowing Base Utilization
Percentage in effect on such day:
Borrowing Base Utilization Grid
Borrowing Base Utilization Percentage
X < 25%
≥ 25% X <50%
≥ 50% X <75%
≥ 75% X <90%
X ≥ 90%
LIBOR Loans
2.500%
2.750%
3.000%
3.250%
3.500%
ABR Loans
1.500%
1.750%
2.000%
2.250%
2.500%
Commitment Fee Rate
0.500%
0.500%
0.500%
0.500%
0.500%

and

(b)    at any time during an Investment Grade Period, the rate per annum set
forth in the grid below based upon the higher of the Ratings assigned to the
Borrower by Moody’s or S&P in effect on such day:

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Ratings Grid
Rating
≥ Baa1/BBB+
Baa2/BBB
Baa3/BBB-
≤Ba1/BB+
LIBOR Loans
1.125%
1.250%
1.500%
1.750%
ABR Loans
0.125%
0.250%
0.500%
0.750%
Commitment Fee Rate
0.150%
0.200%
0.250%
0.300%

Each change in the Commitment Fee Rate or Applicable Margin 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.
“Credit Documents” shall mean this Agreement, the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment, the Guarantee, the
Security Documents, any Intercreditor Agreement and any promissory notes issued
by the Borrower under this Agreement and any other agreements executed by Credit
Parties in connection with this Agreement and expressly identified as “Credit
Documents” therein.
“Financial Performance Covenants” shall mean the covenants of the Borrower set
forth in Section 10.11; provided, that references in this Agreement to the
Borrower being in compliance on a pro forma basis with the Financial Performance
Covenants as of the date of a certain event, or words to similar effect, shall
refer to (a) the ratios in the covenants set forth in Section 10.11, and (b) the
ratios in the applicable Total Leverage Test solely with respect to such
references in the definitions of “Permitted Acquisition” and “Unrestricted
Subsidiary” and Sections 10.1(i)(i)(D), 10.1(j)(i)(B), 10.1(n), 10.1(aa)(iv),
10.3(a), 10.3(b), 10.5(g) and 10.6(i), in each case, that are to be complied
with as of such date of occurrence or as of the last day of the Test Period (or
2018 Rolling Period, as applicable) next ending following such date.
“Joint Bookrunners” shall mean JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce,
Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned
by Bank of America Corporation to which all or substantially all of Bank of
America Corporation’s or any of its subsidiaries’ investment banking, commercial
lending services or related businesses may be transferred following the Closing
Date) and Wells Fargo Securities, LLC, each in its capacity as joint bookrunner
in respect of the Facility.
“Joint Lead Arrangers” shall mean JPMorgan Chase Bank, N.A., Merrill Lynch,
Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer
wholly-owned by Bank of America Corporation to which all or substantially all of
Bank of America Corporation’s or any of its subsidiaries’ investment banking,
commercial lending services or related businesses may be transferred following
the Closing Date) and Wells Fargo Securities, LLC, each in its capacity as joint
lead arranger in respect of the Facility.

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1.3Amendments to Section 10.1 of the Credit Agreement.

(a)Section 10.1(g) of the Credit Agreement is hereby amended and restated in its
entirety to read in full as follows:

“(g)    (i) Indebtedness (including Indebtedness arising under Capital Leases)
incurred prior to or within 270 days after the acquisition, construction, lease,
repair, replacement, expansion or improvement of fixed or capital assets to
finance the acquisition, construction, lease, repair, replacement expansion, or
improvement of such fixed or capital assets; (ii) Indebtedness arising under
Capital Leases, other than (A) Capital Leases in effect on the Closing Date and
(B) Capital Leases entered into pursuant to subclause (i) above (provided that,
in the case of each of the foregoing subclauses (i) and (ii), the aggregate
principal amount of Indebtedness outstanding at any time pursuant to this clause
(g) shall not at the time of incurrence thereof and after giving pro forma
effect thereto, exceed $200,000,000 (measured as of the date such Indebtedness
is incurred based upon the financial statements most recently available prior to
such date); and (iii) any Permitted Refinancing Indebtedness issued or incurred
to Refinance any such Indebtedness;”
(b)Clause (iv) of Section 10.1(aa) of the Credit Agreement is hereby amended by
deleting the phrase “set forth in Section 10.11” where it appears in clause (A)
therein.

1.4Amendments to Section 10.11 of the Credit Agreement.

(a)Section 10.11(a) of the Credit Agreement is hereby deleted in its entirety
and replaced with “[Reserved]”.

(b)Section 10.11(b) of the Credit Agreement is hereby deleted in its entirety
and replaced with “[Reserved]”.

(c)Section 10.11(c) of the Credit Agreement is hereby amended and restated in
its entirety to read in full as follows:

(c)    Consolidated Senior Secured Debt to Consolidated EBITDAX Ratio. The
Borrower will not permit its Consolidated Senior Secured Debt to Consolidated
EBITDAX Ratio to be greater than (i) 3.00 to 1.00 as of the last day of each
Test Period ending on March 31, 2017, June 30, 2017, September 30, 2017,
December 31, 2017 and March 31, 2018 and (ii) 2.50 to 1.00 as of the last day of
each Test Period ending on and after June 30, 2018; provided that, solely with
respect to any such testing date that occurs during any Investment Grade Period,
the Borrower will not be required to comply with this Section 10.11(c) for such
date.
(d)Section 10.11(d) of the Credit Agreement is hereby amended and restated in
its entirety to read in full as follows:

    

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(d)    Consolidated EBITDAX to Consolidated Interest Charges Ratio. The Borrower
will not permit the Consolidated EBITDAX to Consolidated Interest Charges Ratio
to be less than 1.25 to 1.00 as of the last day of each Test Period ending on
and after March 31, 2017; provided that, solely with respect to any such testing
date that occurs during any Investment Grade Period, the Borrower will not be
required to comply with this Section 10.11(d) for such date.
Section 2.Borrowing Base Redetermination. In reliance on the representations,
warranties, covenants and agreements contained in this Fourth Amendment, the
Administrative Agent and the Lenders hereby agree that the Borrowing Base of
$1,050,000,000 is hereby reaffirmed as of the Fourth Amendment Effective Date.
The Borrowing Base shall remain at such level until the next Scheduled
Redetermination, the next Interim Redetermination or other adjustment to the
Borrowing Base thereafter, whichever occurs first pursuant to the Credit
Agreement. The redetermination of the Borrowing Base provided for in this
Section 2 shall be deemed to be the Scheduled Redetermination scheduled for on
or about May 1, 2017 for purposes of Section 2.14 of the Credit Agreement.

Section 3.Conditions Precedent to Amendment. Subject to the satisfaction (or
waiver) of the following conditions, the amendments to the Credit Agreement
contained in Section 1 hereof shall each be effective on the Fourth Amendment
Effective Date:

3.1Counterparts. Administrative Agent shall have received counterparts hereof
duly executed by an Authorized Officer of each of Borrower, the Guarantors and
the Required Lenders.

3.2No Default; No Borrowing Base Deficiency. No Default or Event of Default
shall have occurred which is continuing, and no Borrowing Base Deficiency shall
then exist, in each case, before and after giving effect to the amendments to
the Credit Agreement contained in Section 1 hereof and the redetermination of
the Borrowing Base contained in Section 2 hereof.

3.3Payment of Fees. The Administrative Agent shall have received all fees and
other amounts due and payable on or prior to the Fourth Amendment Effective
Date.

3.4Other Documents. Administrative Agent shall have been provided with such
documents, instruments and agreements, and Borrower shall have taken such
actions, in each case as Administrative Agent may reasonably require in
connection with this Fourth Amendment and the transactions contemplated hereby.

Section 4.Representations and Warranties. To induce Executing Lenders and
Administrative Agent to enter into this Fourth Amendment, Borrower hereby
represents and warrants to Lenders and Administrative Agent as follows as of the
Fourth Amendment Effective Date:

4.1Reaffirm Existing Representations and Warranties. Each representation and
warranty of Borrower contained in the Credit Agreement and the other Credit
Documents is true and correct in all material respects (unless such
representations and warranties are already qualified by materiality, Material
Adverse Effect or a similar qualification in which case such representations and
warranties shall be true and correct in all respects) with the same effect as

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though each such representation and warranty had been made on and as of the
Fourth Amendment Effective Date (except where any such representation and
warranty expressly relates to an earlier date, in which case each such
representation and warranty shall have been true and correct in all material
respects as of such earlier date).

4.2Due Authorization. The execution, delivery and performance by Borrower of
this Fourth Amendment are within Borrower’s corporate or organizational powers,
have been duly authorized by all necessary action, and require no action by or
in respect of, or filing with, any governmental body, agency or official.

4.3Validity and Enforceability. This Fourth Amendment constitutes the valid and
binding obligation of Borrower enforceable in accordance with its terms, except
as (a) the enforceability thereof may be limited by bankruptcy, insolvency or
similar laws affecting creditor’s rights generally, and (b) the availability of
equitable remedies may be limited by equitable principles of general
application.

4.4No Defense. Borrower acknowledges that Borrower has no defense to
(a) Borrower’s obligation to pay the Obligations when due, or (b) the validity,
enforceability or binding effect against Borrower of the Credit Agreement or any
of the other Credit Documents or any Liens intended to be created thereby.

Section 5.Miscellaneous.

5.1No Waivers. No failure or delay on the part of Administrative Agent or
Lenders to exercise any right or remedy under the Credit Agreement, any other
Credit Documents or applicable law shall operate as a waiver thereof, nor shall
any single or partial exercise of any right or remedy preclude any other or
further exercise of any right or remedy, all of which are cumulative and may be
exercised without notice except to the extent notice is expressly required (and
has not been waived) under the Credit Agreement, the other Credit Documents and
applicable law.

5.2Reaffirmation of Credit Documents. Any and all of the terms and provisions of
the Credit Agreement and the other Credit Documents shall, except as amended and
modified hereby, remain in full force and effect. The amendments contemplated
hereby or thereby shall not limit or impair any Liens securing the Obligations,
each of which are hereby ratified, affirmed and extended to secure the
Obligations.

5.3Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees
and expenses of counsel to Administrative Agent incurred by Administrative Agent
in connection with the preparation, negotiation and execution of this Fourth
Amendment and all related documents.

5.4Parties in Interest. All of the terms and provisions of this Fourth Amendment
shall bind and inure to the benefit of the parties hereto and their respective
successors and assigns.

5.5Counterparts. This Fourth Amendment may be executed in counterparts
(including, without limitation, by electronic signature), and all parties need
not execute the same

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counterpart; however, no party shall be bound by this Fourth Amendment until
Borrower, the Guarantors and Required Lenders have executed a counterpart.
Facsimiles and counterparts executed by electronic signature (e.g., .pdf) shall
be effective as originals.

5.6Complete Agreement. THIS FOURTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER
CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

5.7Headings. The headings, captions and arrangements used in this Fourth
Amendment are, unless specified otherwise, for convenience only and shall not be
deemed to limit, amplify or modify the terms of this Fourth Amendment, nor
affect the meaning thereof.

5.8Governing Law. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

5.9Severability. Any provision of this Fourth Amendment 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.

5.10Successors and Assigns. This Fourth Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

[Signature pages follow.]

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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be
duly executed by their respective authorized officers effective as of the Fourth
Amendment Effective Date.
 
BORROWER:
 
 
 
 
DENBURY RESOURCES INC.,
 
a Delaware corporation
 
 
 
 
By:
/s/ Mark C. Allen
 
Name:
Mark C. Allen
 
Title:
Senior Vice President and Chief Financial Officer

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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Each of the undersigned (i) consent and agree to this Fourth Amendment, and (ii)
agree that the Credit Documents to which it is a party shall remain in full
force and effect and shall continue to be the legal, valid and binding
obligation of such Person, enforceable against it in accordance with its terms.
 
GUARANTORS:
 
 
 
 
DENBURY GATHERING & MARKETING, INC.
 
DENBURY HOLDINGS, INC.
 
DENBURY OPERATING COMPANY
 
DENBURY ONSHORE, LLC
 
DENBURY PIPELINE HOLDINGS, LLC
 
DENBURY AIR, LLC
 
DENBURY GREEN PIPELINE-TEXAS, LLC
 
DENBURY GULF COAST PIPELINES, LLC
 
GREENCORE PIPELINE COMPANY LLC
 
DENBURY GREEN PIPELINE-MONTANA, LLC
 
DENBURY GREEN PIPELINE-RILEY RIDGE, LLC
 
DENBURY THOMPSON PIPELINE, LLC
 
ENCORE PARTNERS GP HOLDINGS, LLC
 
PLAIN ENERGY HOLDINGS, LLC
 
 
 
 
By:
/s/ Mark C. Allen
 
Name:
Mark C. Allen
 
Title:
Senior Vice President and Chief Financial Officer

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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ADMINISTRATIVE AGENT/LENDER:
 
 
 
JPMORGAN CHASE BANK, N.A.,
 
as Administrative Agent and a Lender
 
 
 
 
By:
/s/ Arina Mavilian
 
Name:
Arina Mavilian
 
Title:
Vice President

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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LENDERS:
 
 
 
BANK OF AMERICA, N.A.,
 
as a Lender
 
 
 
 
By:
/s/ Ronald E. McKaig
 
Name:
Ronald E. McKaig
 
Title:
Managing Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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CAPITAL ONE, NATIONAL ASSOCIATION,
 
as a Lender
 
 
 
 
By:
/s/ Mark Brewster
 
Name:
Mark Brewster
 
Title:
Vice President

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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CANADIAN IMPERIAL BANK OF COMMERCE,
NEW YORK BRANCH,
 
as a Lender
 
 
 
 
By:
/s/ Richard Antl
 
Name:
Richard Antl
 
Title:
Authorized Signatory
 
 
 
 
By:
/s/ Trudy Nelson
 
Name:
Trudy Nelson
 
Title:
Authorized Signatory

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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COMERICA BANK,
 
as a Lender
 
 
 
 
By:
/s/ Chad Stephenson
 
Name:
Chad Stephenson
 
Title:
Vice President

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
 
as a Lender
 
 
 
 
By:
/s/ Michael Willis
 
Name:
Michael Willis
 
Title:
Managing Director
 
 
 
 
By:
/s/ Sharada Manne
 
Name:
Sharada Manne
 
Title:
Managing Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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CITIBANK, N.A.,
 
as a Lender
 
 
 
 
By:
/s/ Brian S. Broyles
 
Name:
Brian S. Broyles
 
Title:
Attorney-In-Fact

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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ROYAL BANK OF CANADA,
 
as a Lender
 
 
 
 
By:
/s/ Jay T. Sartain
 
Name:
Jay T. Sartain
 
Title:
Authorized Signatory

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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UBS AG, STAMFORD BRANCH,
 
as a Lender
 
 
 
 
By:
/s/ Darlene Arias
 
Name:
Darlene Arias
 
Title:
Director
 
 
 
 
By:
/s/ Houssem Daly
 
Name:
Houssem Daly
 
Title:
Associate Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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ING CAPITAL LLC,
 
as a Lender
 
 
 
 
By:
/s/ Charles E. Hall
 
Name:
Charles E. Hall
 
Title:
Managing Director
 
 
 
 
By:
/s/ Juli Bieser
 
Name:
Juli Bieser
 
Title:
Managing Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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SUNTRUST BANK,
 
as a Lender
 
 
 
 
By:
/s/ Janet R. Naifeh
 
Name:
Janet R. Naifeh
 
Title:
Senior Vice President

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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KEYBANK NATIONAL ASSOCIATION,
 
as a Lender
 
 
 
 
By:
/s/ John Dravenstott
 
Name:
John Dravenstott
 
Title:
Vice President

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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SUMITOMO MITSUI BANKING CORPORATION,
 
as a Lender
 
 
 
 
By:
/s/ Mr. Hiroyuki Maeda
 
Name:
Mr. Hiroyuki Maeda
 
Title:
Managing Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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FIFTH THIRD BANK,
 
as a Lender
 
 
 
 
By:
/s/ Thomas Kleiderer
 
Name:
Thomas Kleiderer
 
Title:
Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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ABN AMRO CAPITAL USA LLC,
 
as a Lender
 
 
 
 
By:
/s/ David Montgomery
 
Name:
David Montgomery
 
Title:
Executive Director
 
 
 
 
By:
/s/ Darrell Holley
 
Name:
Darrell Holley
 
Title:
Managing Director

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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BOKF, NA DBA BANK OF TEXAS,
 
as a Lender
 
 
 
 
By:
/s/ Mynan C. Feldman
 
Name:
Mynan C. Feldman
 
Title:
Senior Vice President

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.

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GOLDMAN SACHS BANK USA,
 
as a Lender
 
 
 
 
By:
/s/ Ushma Dedhiya
 
Name:
Ushma Dedhiya
 
Title:
Authorized Signatory

Signature Page
Fourth Amendment to Amended and Restated Credit Agreement
Denbury Resources Inc.