Exhibit 10.1
EXECUTION VERSION

AMENDMENT NO. 3 TO CREDIT AGREEMENT
#5807231

This Amendment No. 3 to Credit Agreement (this “Amendment”) dated as of November
14, 2018 (the “Effective Date”), is among Berry Petroleum Company, LLC, a
Delaware limited liability company (the “Borrower”), Berry Petroleum
Corporation, a Delaware corporation (the “Parent” and the “Guarantor”), Wells
Fargo Bank, National Association, as administrative agent (in such capacity, the
“Administrative Agent”) and as issuing lender (in such capacity, the “Issuing
Lender”), and the Lenders (as defined below).
RECITALS

A.    Reference is made to that certain Credit Agreement dated as of July 31,
2017 (as amended by that certain Limited Waiver and Amendment No. 1 to Credit
Agreement dated as of November 16, 2017, Amendment No. 2 to Credit Agreement
dated as of March 8, 2018, and as further amended, restated, supplemented, or
otherwise modified from time to time, including by this Amendment, the “Credit
Agreement”) among the Borrower, the Parent, the Administrative Agent, the
Issuing Lender and the financial institutions party thereto as lenders from time
to time (the “Lenders”).

B.    Subject to the terms and conditions set forth herein, (i) the parties
hereto wish to amend the Credit Agreement as provided herein, and (ii) all the
Lenders wish to increase the Borrowing Base to $850,000,000 in accordance with
the regularly scheduled Borrowing Base redetermination process described in
Section 2.2(b) of the Credit Agreement subject to the established Aggregate
Elected Commitment Amount (as defined herein) of $400,000,000.

NOW THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:
Section 1.Defined Terms. As used in this Amendment, each of the terms defined in
the opening paragraph and the Recitals above shall have the meanings assigned to
such terms therein. Each term defined in the Credit Agreement and used herein
without definition shall have the meaning assigned to such term in the Credit
Agreement, unless expressly provided to the contrary.
Section 2.    Other Definitional Provisions. Article, Section, Schedule, and
Exhibit references are to Articles and Sections of and Schedules and Exhibits to
this Amendment, unless otherwise specified. The words “hereof”, “herein”, and
“hereunder” and words of similar import when used in this Amendment shall refer
to this Amendment as a whole and not to any particular provision of this
Amendment. The term “including” means “including, without limitation,”.
Paragraph headings have been inserted in this Amendment as a matter of
convenience for reference only and it is agreed that such paragraph headings are
not a part of this Amendment and shall not be used in the interpretation of any
provision of this Amendment.

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Section 3.    Amendments to Credit Agreement. Schedule II of the Credit
Agreement is hereby replaced in its entirety with Schedule II attached hereto
and Schedule II attached hereto shall be deemed to be attached as Schedule II to
the Credit Agreement.
Section 4.    Borrowing Base. Subject to the satisfaction of the conditions
below, the Borrowing Base is hereby redetermined to be $850,000,000 effective as
of November 14, 2018, and such Borrowing Base shall remain in effect at that
level until the Borrowing Base is next redetermined or adjusted pursuant to the
terms of the Credit Agreement. For the avoidance of doubt, the Borrowing Base
redetermination set forth in this Section 4 shall constitute the regularly
scheduled Semi-Annual Redetermination to be made on or about November 1, 2018
pursuant to Section 2.2(b)(ii) of the Credit Agreement.
Section 5.    Representations and Warranties. Each Credit Party represents and
warrants that, as of the date hereof: (a) the representations and warranties of
such Credit Party contained in the Credit Agreement and in the other Credit
Documents are true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text
thereof) on and as of the Effective Date as if made on and as of such date,
except that any representation and warranty which by its terms is made as of a
specified date is true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text
thereof) only as of such specified date; (b) no Default has occurred and is
continuing; (c) the execution, delivery and performance of this Amendment are
within such Credit Party’s powers and have been duly authorized by all necessary
corporate, limited liability company, or partnership action; (d) this Amendment
constitutes the legal, valid, and binding obligation of such Credit Party
enforceable against such Credit Party in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the rights of creditors generally and general principles
of equity whether applied by a court of law or equity; (e) the execution,
delivery and performance of this Amendment by such Credit Party do not require
any authorization or approval or other action by, or any notice or filing with,
any Governmental Authority other than those that have been obtained or provided
and other than filings delivered hereunder to perfect Liens created under the
Security Documents; and (f) the Liens under the Security Documents are valid and
subsisting and secure the obligations under the Credit Documents.
Section 6.    Conditions to Effectiveness. This Amendment shall become effective
on the Effective Date and enforceable against the parties hereto upon the
occurrence of the following conditions precedent:
(a)    The Administrative Agent shall have received multiple original
counterparts, as requested by the Administrative Agent, of this Amendment, duly
and validly executed and delivered by duly authorized officers of the Borrower,
the Guarantors, the Administrative Agent, and each of the Lenders.
(b)    The Borrower shall have paid to the Administrative Agent all reasonable
out-of-pocket costs and expenses that have been invoiced and are payable
pursuant to Section 10.1 of the Credit Agreement.

Schedule II

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(c)    The Administrative Agent shall have received such other documents,
governmental certificates, agreements, and lien searches as the Administrative
Agent or any Lender may reasonably request.
(d)    The representations and warranties in this Amendment shall be true and
correct in all material respects (except that such materiality qualifier shall
not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof) as of such date except
to the extent that any such representation or warranty expressly relates solely
to an earlier date, in which case it shall have been true and correct in all
material respects (except that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or
modified by materiality in the text thereof) as of such earlier date, and no
Default shall have occurred and be continuing.
(e)    The Administrative Agent shall have received (i) duly executed Mortgages
(or supplements to existing Mortgages) encumbering not less than 85% of PV10 of
the Credit Parties’ Proven Reserves and not less than 85% of PV10 of all the
Credit Parties’ PDP Reserves, in each case, as evaluated in the most recently
delivered Engineering Report, and (ii) title information reasonably satisfactory
to it on at least 85% of the PV10 of each of the Proven Reserves evaluated in
the most recently delivered Engineering Report.
Section 7.    Acknowledgments and Agreements.
(a)    Each Credit Party acknowledges that on the date hereof all outstanding
Secured Obligations are payable in accordance with their terms and each Credit
Party waives any set-off, counterclaim, recoupment, defense, or other right, in
each case, existing on the date hereof, with respect to such Secured
Obligations. Each party hereto does hereby adopt, ratify, and confirm the Credit
Agreement, as amended hereby, and acknowledges and agrees that the Credit
Agreement, as amended hereby, is and remains in full force and effect, and each
Credit Party acknowledges and agrees that its respective liabilities and
obligations under the Credit Agreement, as amended hereby, and the other Credit
Documents are not impaired in any respect by this Amendment.
(b)    The Administrative Agent, the Issuing Lender, and the Lenders hereby
expressly reserve all of their rights, remedies, and claims under the Credit
Documents. Nothing in this Amendment shall constitute a waiver or relinquishment
of (i) any Default or Event of Default under any of the Credit Documents, (ii)
any of the agreements, terms or conditions contained in any of the Credit
Documents, (iii) any rights or remedies of the Administrative Agent, the Issuing
Lender, or any Lender with respect to the Credit Documents, or (iv) the rights
of the Administrative Agent, the Issuing Lender, or any Lender to collect the
full amounts owing to them under the Credit Documents.
(c)    This Amendment is a Credit Document for the purposes of the provisions of
the other Credit Documents. Without limiting the foregoing, any breach of
representations, warranties, and covenants under this Amendment shall be a
Default or Event of Default, as applicable, under the Credit Agreement.

Schedule II

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Section 8.    Reaffirmation of the Guaranty. Each Guarantor hereby ratifies,
confirms, acknowledges and agrees that its obligations under the Guaranty are in
full force and effect and that such Guarantor continues to unconditionally and
irrevocably guarantee the full and punctual payment, when due, whether at stated
maturity or earlier by acceleration or otherwise, of all the Guaranteed
Obligations (as defined in the Guaranty), and its execution and delivery of this
Amendment does not indicate or establish an approval or consent requirement by
such Guarantor under the Guaranty, in connection with the execution and delivery
of amendments, consents or waivers to the Credit Agreement or any of the other
Credit Documents.
Section 9.    Reaffirmation of Liens. Each Credit Party (a) reaffirms the terms
of and its obligations (and the security interests granted by it) under each
Security Document to which it is a party, and agrees that each such Security
Document will continue in full force and effect to secure the Secured
Obligations as the same may be amended, supplemented, or otherwise modified from
time to time, and (b) acknowledges, represents, warrants and agrees that the
Liens and security interests granted by it pursuant to the Security Documents
are valid, enforceable and subsisting and create an Acceptable Security Interest
to secure the Secured Obligations.
Section 10.    Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile or in electronic
(i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Amendment.
Section 11.    Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns permitted pursuant to the Credit Agreement.
Section 12.    Severability. In case one or more of the provisions of this
Amendment shall for any reason be invalid, illegal or unenforceable in any
respect under any applicable law, the validity, legality and enforceability of
the remaining provisions contained herein or in the other Credit Documents shall
not be affected or impaired thereby.
Section 13.    Governing Law. This Amendment shall be deemed to be a contract
made under and shall be governed by and construed in accordance with the laws of
the State of New York without regard to conflicts of laws principles (other than
Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New
York).
Section 14.    Entire Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT, THE
NOTES, AND THE OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG
THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY
PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

Schedule II

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[SIGNATURES BEGIN ON NEXT PAGE]

Schedule II

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EXECUTED to be effective as of the date first above written.

BORROWER:

BERRY PETROLEUM COMPANY, LLC

By: /s/ Cary Baetz (Nov. 12, 2018)
Name:
Cary Baetz

Title:    CFO

GUARANTORS:

BERRY PETROLEUM CORPORATION

By:/s/ Cary Baetz (Nov. 12, 2018)
Name:     Cary Baetz
Title: CFO

Schedule II

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ADMINISTRATIVE AGENT/ISSUING
LENDER/LENDER:

WELLS FARGO BANK,
NATIONAL ASSOCIATION,
as Administrative Agent, and a Lender

By: /s/ Sarah Thomas    
Name: Sarah Thomas
Title: Director

Schedule II

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LENDERS:

BANK OF MONTREAL, as a Lender

By:    /s/ James V. Ducote
Name: James V. Ducote
Title: Manageing Director

Schedule II

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KEYBANK NATIONAL ASSOCIATION, as a Lender

By:    /s/ David M. Bornstein
Name: David M. Bornstein
Title: Senior Vice President

Schedule II

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ABN Amro Capital USA LLC,
as a Lender

By:    /s/ Darrell Holley
Name: Darrell Holley
Title: Managing Director
By:    /s/ Beth Johnson
Name: Beth Johnson
Title: Executive Director

Schedule II

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BOKF, N.A., as a Lender

By:    /s/ Sonja Boredko
Name: Sonja Boredko
Title: Senior Vice President

Schedule II

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CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender
 

By:    /s/ Robert James
Name: Robert James
Title: Director

Schedule II

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CITIZENS BANK, N.A., as a Lender

By:    /s/ Hernando Garcia
Name: Hernando Garcia
Title: Director

Schedule II

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CATHAY BANK, as a Lender

By:    /s/ Stephen V Bacala II
Name: Stephen V Bacala II
Title: Vice President

Schedule II

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ING CAPITAL LLC, as a Lender

By:    /s/ Juli Bieser
Name: Juli Bieser
Title: Managing Director
By:    /s/ Charles Hall
Name: Charles Hall
Title: Managing Director

Schedule II

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MORGAN STANLEY BANK, N.A., as a Lender
By:    /s/ Jack Kuhns
Name: Jack Kuhns
Title: Authorized Signatory

Schedule II

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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

Schedule II

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BP ENERGY COMPANY, as a Lender
By:    /s/ Timothy Yee
Name: Timothy Yee
Title: Attorney-in-Fact

Schedule II

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GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender
By:    /s/ Jamie Minieri
Name: Jamie Minieri
Title: Authorized Signatory

Schedule II

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MACQUARIE BANK LIMITED, as a Lender
By:    /s/ Iain Lappin-Smith
Name: Iain Lappin-Smith
Title: Division Director

By:    /s/ Liz Kuliang
Name: Liz Kuliang
Title: Associate Director
(POA Ref: #2468 dated 7 June 2017 expiring 31 March 2019,
signed in London)

Schedule II

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IBERIA BANK, as a Lender
By:    /s/ Blakely Norris
Name: Blakely Norris
Title: Vice President

Schedule II

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ARVEST BANK, as a Lender

By:    /s/ S. Matt Condry
Name: S. Matt Condry
Title: V.P. Commercial Banking

Schedule II

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SCHEDULE II

PRICING GRID

Applicable Margins

Utilization Level*
Base Rate Advances
Eurodollar Advances
Commitment Fee Rate
Level I
0.75%
1.75%
0.50%
Level II
1.00%
2.00%
0.50%
Level III
1.25%
2.25%
0.50%
Level IV
1.50%
2.50%
0.50%
Level V
1.75%
2.75%
0.50%

* Utilization Levels are described below and are determined in accordance with
the definition of “Utilization Level”.

1. Level I: If the Utilization Level is less than 25%.
2. Level II: If the Utilization Level is greater than or equal to 25% but less
than 50%.
3. Level III: If the Utilization Level is greater than or equal to 50% but less
than 75%.
4. Level IV: If the Utilization Level is greater than or equal to 75% but less
than 90%.
5. Level V: If the Utilization Level is greater than or equal to 90%.

Schedule II

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EXECUTED to be effective as of the date first above written.

BORROWER:

BERRY PETROLEUM COMPANY, LLC

By:
/s/ Cary Baetz                

Name:
Cary Baetz

Title:    CFO

GUARANTORS:

BERRY PETROLEUM CORPORATION

By:
/s/ Cary Baetz                    

Name:    Cary Baetz
Title: CFO

[Signature Page to Amendment No. 3]

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ADMINISTRATIVE AGENT/ISSUING
LENDER/LENDER:

WELLS FARGO BANK,
NATIONAL ASSOCIATION,
as Administrative Agent, and a Lender

By:      /s/ Sarah Thomas            
Name: Sarah Thomas
Title: Director

[Signature Page to Amendment No. 3]

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LENDERS:

BANK OF MONTREAL, as a Lender

By: /s/ James V. Ducote            
Name: James V. Ducote
Title: Managing Director

[Signature Page to Amendment No. 3]

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KEYBANK NATIONAL ASSOCIATION, as a Lender

By:    /s/ David M. Bornstein        
Name: David M. Bornstein
Title: Senior Vice President

[Signature Page to Amendment No. 3]

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ABN AMRO CAPITAL USA LLC,
as a Lender

By:    /s/ Darrell Holley            
Name: Darrell Holley
Title: Managing Director
By:    /s/ Beth Johnson            
Name: Beth Johnson
Title: Executive Director

[Signature Page to Amendment No. 3]

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BOKF, N.A., as a Lender

By:    /s/ Sonja Boredko            
Name: Sonja Boredko
Title: Senior Vice President

[Signature Page to Amendment No. 3]

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CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender
 

By:    /s/ Robert James            
Name: Robert James
Title: Director

[Signature Page to Amendment No. 3]

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CITIZENS BANK, N.A., as a Lender

By:    /s/ Hernando Garcia            
Name: Hernando Garcia
Title: Director

[Signature Page to Amendment No. 3]

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CATHAY BANK, as a Lender

By:    /s/ Stephen V Bacala II        
Name: Stephen V Bacala II
Title: Vice President

[Signature Page to Amendment No. 3]

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ING CAPITAL LLC, as a Lender

By:    /s/ Juli Bieser                
Name: Juli Bieser
Title: Managing Director
By:    /s/ Charles Hall            
Name: Charles Hall
Title: Managing Director

[Signature Page to Amendment No. 3]

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MORGAN STANLEY BANK, N.A., as a Lender
By:    /s/ Jack Kuhns                
Name: Jack Kuhns
Title: Authorized Signatory

[Signature Page to Amendment No. 3]

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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 to Amendment No. 3]

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BP ENERGY COMPANY, as a Lender
By:    /s/ Timothy Yee            
Name: Timothy Yee
Title: Attorney-in-Fact

[Signature Page to Amendment No. 3]

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GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender
By:    /s/ Jamie Minieri            
Name: Jamie Minieri
Title: Authorized Signatory

[Signature Page to Amendment No. 3]

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MACQUARIE BANK LIMITED, as a Lender
By:    /s/ Iain Lappin-Smith            
Name: Iain Lappin-Smith
Title: Division Director

By:    /s/ Liz Kuliang                
Name: Liz Kuliang
Title: Associate Director

[Signature Page to Amendment No. 3]

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IBERIA BANK, as a Lender
By:    /s/ Blakely Norris            
Name: Blakely Norris
Title: Vice President

[Signature Page to Amendment No. 3]

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ARVEST BANK, as a Lender

By:    /s/ S. Matt Condry            
Name: S. Matt Condry
Title: V.P. Commercial Banking

[Signature Page to Amendment No. 3]

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SCHEDULE II

PRICING GRID

Applicable Margins

Utilization Level*
Base Rate Advances
Eurodollar Advances
Commitment Fee Rate
Level I
0.75%
1.75%
0.50%
Level II
1.00%
2.00%
0.50%
Level III
1.25%
2.25%
0.50%
Level IV
1.50%
2.50%
0.50%
Level V
1.75%
2.75%
0.50%

* Utilization Levels are described below and are determined in accordance with
the definition of “Utilization Level”.

1. Level I: If the Utilization Level is less than 25%.
2. Level II: If the Utilization Level is greater than or equal to 25% but less
than 50%.
3. Level III: If the Utilization Level is greater than or equal to 50% but less
than 75%.
4. Level IV: If the Utilization Level is greater than or equal to 75% but less
than 90%.
5. Level V: If the Utilization Level is greater than or equal to 90%.

Schedule II