Document:

exv10w36

Exhibit 10.36

SEVENTH AMENDMENT TO COMBINED CREDIT AGREEMENTS

     THIS SEVENTH AMENDMENT TO COMBINED CREDIT AGREEMENTS, dated as of April 20, 2009 (this
“Amendment”), is entered into by and among QUICKSILVER RESOURCES INC., a Delaware
corporation (the “U.S. Borrower”), QUICKSILVER RESOURCES CANADA INC., an Alberta, Canada
corporation (the “Canadian Borrower”), each of the Lenders (as defined in the U.S. Credit
Agreement (as hereinafter defined)) party hereto (together with its successors and assigns, the
“U.S. Lenders”), each of the Lenders (as defined in the Canadian Credit Agreement (as
hereinafter defined)) party hereto (together with its successors and assigns, the “Canadian
Lenders” and, together with the U.S. Lenders, the “Consenting Combined Lenders”),
JPMORGAN CHASE BANK, N.A., as global administrative agent (in such capacity, the “Global
Administrative Agent”), and JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as Canadian
administrative agent (in such capacity, the “Canadian Administrative Agent”).

W I T N E S S E T H:

     1. The U.S. Borrower, the Global Administrative Agent, the other Agents party thereto and the
U.S. Lenders are parties to that certain Amended and Restated Credit Agreement dated as of February
9, 2007 (as amended, supplemented, restated or otherwise modified from time to time, the “U.S.
Credit Agreement”), pursuant to which the U.S. Lenders agreed to make loans to, and extensions
of credit on behalf of, the U.S. Borrower.

     2. The Canadian Borrower, the Global Administrative Agent, the Canadian Administrative Agent,
the other Agents party thereto and the Canadian Lenders are parties to that certain Amended and
Restated Credit Agreement dated as of February 9, 2007 (as amended, supplemented, restated or
otherwise modified from time to time, the “Canadian Credit Agreement” and, together with
the U.S. Credit Agreement, the “Combined Credit Agreements”), pursuant to which the
Canadian Lenders agreed to make loans to, and extensions of credit on behalf of, the Canadian
Borrower.

     3. The U.S. Borrower and the Canadian Borrower (collectively, the “Combined
Borrowers”) have requested (a) that the Global Borrowing Base (as defined in each of the
Combined Credit Agreements) be reaffirmed, the U.S. Borrowing Base (as defined in each of the
Combined Credit Agreements) be increased, the Allocated U.S. Borrowing Base (as defined in each of
the Combined Credit Agreements) be increased, and the Allocated Canadian Borrowing Base (as defined
in each of the Combined Credit Agreements) be decreased, all as set forth herein and (b) that the
Combined Credit Agreements be amended to amend certain other terms of the Combined Credit
Agreements in certain respects as provided in this Amendment.

     4. The U.S. Borrower has advised the Global Administrative Agent, the Canadian Administrative
Agent and the Combined Lenders that the U.S. Borrower has entered into a Memorandum of
Understanding dated March 16, 2009 (the “MOU”), a copy of which was provided to the
Combined Lenders on March 26, 2009, pursuant to which the following transactions may occur: (i)
the U.S. Borrower will sell an undivided 27.5% interest in certain oil and gas properties
identified on Exhibit B to the MOU to the Purchasers identified in the MOU

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(collectively, the “Subject Properties”), (ii) the U.S. Borrower and Purchasers shall
enter into an agreement (the “Subject Properties Hedge Agreement”), pursuant to which the
U.S. Borrower will guarantee a commodity price to the Purchasers, which commodity price will not be
materially different from the commodity price (or prices) that the U.S. Borrower has locked in
pursuant to Hedge Transactions it has entered into which cover anticipated production from the
Subject Properties and/or other oil and gas properties owned by the U.S. Borrower and the other
Loan Parties, and (iii) the U.S. Borrower and Purchasers shall enter into other agreements related
to the Subject Properties as specified in the MOU. The transactions described in this paragraph
(including, without limitation, the transactions contemplated by the MOU) and the transactions
contemplated by Section X and the last sentence of Section VII of this Amendment
and which expressly relate to the transactions contemplated by the MOU (including, without
limitation, any amendments to, and consents under, the Combined Loan Documents which may be
effected by this Amendment and actions that the Loan Parties are required to take in connection
therewith on or before the Subject Transactions Closing Date (as defined below)) are collectively
referred to herein as the “Subject Transactions.”

     5. The U.S. Borrower and the Canadian Borrower have requested that the Combined Lenders
consent to the consummation of the Subject Transactions, and, in reliance on the representations
and warranties of the U.S. Borrower and the Canadian Borrower contained herein, and subject to the
terms, and satisfaction or waiver of the conditions precedent, set forth herein, the Consenting
Combined Lenders consent to the consummation of the Subject Transactions as provided in Section
VII hereof.

     6. Subject to and upon the terms and conditions set forth herein, the Combined Lenders have
agreed to the Combined Borrowers’ requests.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto agree as follows:

     I. Amendments to U.S. Credit Agreement. In reliance on the representations and
warranties of the U.S. Borrower and the Canadian Borrower contained herein, and subject to the
terms, and satisfaction of the conditions precedent, set forth in Section XI hereof, the
U.S. Credit Agreement shall be amended effective as of the Effective Date in the manner provided in
this Section I:

     A. Amendment to Definition of Alternate Base Rate. The definition of “Alternate
Base Rate” contained in Section 1.1 of the U.S. Credit Agreement shall be amended in its
entirety to read as follows:

     “Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1% and (c) the Adjusted
Eurodollar Rate for a one month Interest Period on such day (or if such day is not a
Business Day, the immediately preceding Business Day) plus 1%, provided that, for
the avoidance of doubt, the Adjusted Eurodollar Rate for any day shall be based on
the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or
substitute page) at approximately 11:00 a.m. London time on such day (without

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any rounding). Any change in the Alternate Base Rate due to a change in the
Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar Rate shall
be effective from and including the effective date of such change in the Prime Rate,
the Federal Funds Effective Rate or the Adjusted Eurodollar Rate, respectively. If
for any reason the Global Administrative Agent shall have determined (which
determination shall be conclusive and binding, absent manifest error) that it is
unable to ascertain the Federal Funds Effective Rate for any reason, including,
without limitation, the inability or failure of the Global Administrative Agent to
obtain sufficient bids or publications in accordance with the terms hereof, the
Alternate Base Rate shall be the Prime Rate until the circumstances giving rise to
such inability no longer exist.

     B. Amendment to Definition of Applicable Margin. The definition of “Applicable
Margin” contained in Section 1.1 of the U.S. Credit Agreement shall be amended in its entirety
to read as follows:

          “Applicable Margin” means:

          (a) for any day during the Second-Lien Period, and with respect to any Eurodollar Loans, any
ABR Loans, any Specified Rate Swingline Loans or any Commitment Fees payable hereunder, as the case
may be, the applicable percentage rate per annum set forth below under the caption “Eurodollar
Loans”, “ABR Loans”, “Specified Rate Swingline Loans” or “Commitment Fees”, as the case may be,
based on the Global Borrowing Base Utilization on such date.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Specified Rate	 	 
	 	 	 	 	 	 	 	 	 	 	Swingline	 	Commitment
	Global Borrowing	 	Eurodollar Loan	 	ABR Loans (in	 	Loans (in basis	 	Fees (in basis
	Base Utilization:	 	(in basis points)	 	basis points)	 	points)	 	points)
	Less than 25%
	 	 	225.0	 	 	 	137.5	 	 	 	225.0	 	 	 	50.0	 
	25% or greater and
less than 50%
	 	 	250.0	 	 	 	162.5	 	 	 	250.0	 	 	 	50.0	 
	50% or greater and
less than 75%
	 	 	275.0	 	 	 	187.5	 	 	 	275.0	 	 	 	50.0	 
	75% or greater and
less than 90%
	 	 	300.0	 	 	 	212.5	 	 	 	300.0	 	 	 	50.0	 
	90% or greater
	 	 	325.0	 	 	 	237.5	 	 	 	325.0	 	 	 	50.0	 

          (b) for any day other than a day during the Second-Lien Period, and with respect to any
Eurodollar Loans, any ABR Loans, any Specified Rate Swingline Loans or any Commitment Fees payable
hereunder, as the case may be, the applicable percentage rate per annum set forth below under the
caption “Eurodollar Loans”, “ABR Loans”, “Specified Rate Swingline Loans” or “Commitment Fees”, as
the case may be, based on the Global Borrowing Base Utilization on such date.

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	 	 	 	 	 	 	 	 	 	 	Specified Rate	 	 
	 	 	 	 	 	 	 	 	 	 	Swingline	 	Commitment
	Global Borrowing	 	Eurodollar Loan	 	ABR Loans (in	 	Loans (in basis	 	Fees (in basis
	Base Utilization:	 	(in basis points)	 	basis points)	 	points)	 	points)
	Less than 25%
	 	 	200.0	 	 	 	112.5	 	 	 	200.0	 	 	 	50.0	 
	25% or greater and
less than 50%
	 	 	225.0	 	 	 	137.5	 	 	 	225.0	 	 	 	50.0	 
	50% or greater and
less than 75%
	 	 	250.0	 	 	 	162.5	 	 	 	250.0	 	 	 	50.0	 
	75% or greater and
less than 90%
	 	 	275.0	 	 	 	187.5	 	 	 	275.0	 	 	 	50.0	 
	90% or greater
	 	 	300.0	 	 	 	212.5	 	 	 	300.0	 	 	 	50.0	 

In the case of each of clauses (a) and (b) above, (i) any change in the
Applicable Margin will occur automatically without prior notice upon any change in
the Global Borrowing Base Utilization, and (ii) any change in the 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.

     C. Amendment to Definition of Obligations. The definition of “Obligations”
contained in Section 1.1 of the U.S. Credit Agreement shall be amended by deleting the reference to
“Lender or any Affiliate of a Lender” and inserting the following in lieu thereof: “Secured Hedging
Provider, including any Hedge Agreement in existence prior to the date hereof, but excluding any
additional transactions or confirmations entered into (i) after such Secured Hedging Provider
ceases to be a Lender or an Affiliate of a Lender or (ii) after assignment by a Secured Hedging
Provider to another Secured Hedging Provider that is not a Lender or an Affiliate of a Lender”.

     D. Additional Definitions. Section 1.1 of the U.S. Credit Agreement shall be amended
by inserting the following definitions in appropriate alphabetical order:

     “Defaulting Lender” means any Lender, as reasonably determined by the
Global Administrative Agent, that has (a) failed to fund any portion of its Loans or
participations in Letters of Credit or Swingline Loans within three Business Days of
the date required to be funded by it hereunder, (b) notified the Borrower, the
Global Administrative Agent, the Issuing Bank, the Swingline Lender or any Lender in
writing that it does not intend to comply with any of its funding obligations under
this Agreement or has made a public statement to the effect that it does not intend
to comply with its funding obligations under this Agreement, (c) failed, within
three Business Days after request by the Global Administrative Agent, to confirm
that it will comply with the terms of this Agreement relating to its obligations to
fund prospective Loans and participations in then outstanding Letters of Credit and
Swingline Loans; provided that any such Lender shall cease to be a Defaulting Lender
under this clause (c) upon receipt of such confirmation by the Global Administrative
Agent, (d) otherwise failed to pay over to the Global Administrative Agent or any
other Lender any other amount required to be paid

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by it hereunder within three
Business Days of the date when due, unless the
subject of a good faith dispute, or (e) become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee or custodian
appointed for it, or has taken any action in furtherance of, or indicating its
consent to, approval of or acquiescence in any such proceeding or appointment or has
a parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee or custodian appointed for
it, or has taken any action in furtherance of, or indicating its consent to,
approval of or acquiescence in any such proceeding or appointment; provided that a
Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any Equity Interest in such Lender or a parent company thereof by a
Governmental Authority or an instrumentality thereof.

     “Secured Hedging Provider” means any Person that is a party to a
Hedging Agreement with the Borrower or any of its Subsidiaries that entered into
such Hedging Agreement while such Person was a Lender or an Affiliate of a Lender,
whether or not such Person at any time ceases to be a Lender or an Affiliate of a
Lender, as the case may be.

     “Seventh Amendment” means that certain Seventh Amendment to Combined
Credit Agreements dated as of April 20, 2009, by and among the Borrower, the
Canadian Borrower, the Global Administrative Agent, the Canadian Administrative
Agent and the Combined Lenders party thereto.

     “Subject Properties Hedge Agreement” has the meaning given to the term
“Subject Properties Hedge Agreement” in the Seventh Amendment.

     E. Amendment to Replacement of Lenders Provision. Clause (iv) of Section 2.20(b) of
the U.S. Credit Agreement shall be deleted and replaced in its entirety with the following:

          “any Lender becomes a Defaulting Lender hereunder,”

     F. Defaulting Lenders Provision. Article II of the U.S. Credit Agreement shall be
amended to add the new Section 2.22 at the end thereof which shall read in full as follows:

     “SECTION 2.22 Defaulting Lenders. Notwithstanding any provision of
this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then,
until such time as such Lender is no longer a Defaulting Lender or is removed as a
Lender pursuant to Section 2.20, the following provisions shall apply:

     (a) if any Swingline Exposure or LC Exposure exists at the time a
Lender becomes a Defaulting Lender, then the Borrower shall within one
Business Day following notice by the Global Administrative Agent (A)(x)
first, prepay such Swingline Exposure and (y) second, cash collateralize
such Defaulting Lender’s LC Exposure in accordance with the procedures set
forth in Section 2.5(i) until the date such LC Exposure is no longer
outstanding, or (B) enter into arrangements satisfactory to the

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Global Administrative Agent, the Issuing Bank, the Swingline Lender,
and the Borrower;

     (b) so long as any Lender is a Defaulting Lender, the Swingline Lender
shall not be required to fund any Swingline Loan and the Issuing Bank shall
not be required to issue, amend or increase any Letter of Credit, unless it
is satisfied that cash collateral will be provided by the Borrower in
accordance with Section 2.22(a) (or such other arrangements as are
satisfactory to the Global Administrative Agent, the Issuing Bank, the
Swingline Lender, and the Borrower); and

     (c) for the avoidance of doubt, the Borrower shall retain and reserve
its other rights and remedies respecting each Defaulting Lender.”

     G. Amendment to Asset Dispositions Covenant. Section 7.5(a) of the U.S. Credit
Agreement shall be amended by amending and restating the first proviso following subsection (xiv)
to read in full as follows:

“provided, that, so long as no Default or Event of Default has occurred
which is continuing, the Borrower and each other Loan Party shall be permitted to
sell or dispose of Mineral Interests and/or terminate, unwind, cancel or otherwise
dispose of Hedging Transactions during any period between Scheduled Redeterminations
if and to the extent the aggregate amount of the Net Cash Proceeds from such Hedging
Transactions and the Recognized Value (measured at the time of such sale or
disposition of such Mineral Interests) of such Mineral Interests does not exceed
five percent (5%) of the Global Borrowing Base in effect during such period;”

     H. Amendment to Hedge Transactions Covenant. Section 7.11 of the U.S. Credit
Agreement shall be amended by inserting the following sentence after the last sentence thereof:

“The Borrower will not, nor will the Borrower permit any other Loan Party to, (a) guarantee
a commodity price under the Subject Properties Hedge Agreement unless the Borrower has
entered into one or more Hedge Transactions that provide for a commodity price for a volume
that is not materially different from the commodity price and volume guaranteed under the
Subject Properties Hedge Agreement, and (b) terminate, unwind, cancel or otherwise dispose
of any Hedge Transactions that are entered into to satisfy the requirements of clause (a) of
this sentence.”

     I. Amendment to Collateral Matters; Hedging Agreements Provision. Section 10.15 of
the U.S. Credit Agreement shall be amended and restated in full as follows:

“SECTION 10.15 Collateral Matters; Hedging Agreements. The benefit of the Security
Documents and of the provisions of this Agreement relating to the Collateral shall also
extend to and be available to the Secured Hedging Providers on a pro rata basis in respect
of any Hedging Obligations of the Borrower or any of its Subsidiaries, including any Hedge
Obligations in existence prior to the date hereof, but excluding any additional transactions
or confirmations entered into (i) after a Secured Hedging Provider

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ceases to be a Lender or an Affiliate of a Lender or (ii) after assignment by a Secured
Hedging Provider to another Secured Hedging Provider that is not a Lender or an Affiliate of
a Lender; provided that it is the intention of the parties hereto that repayment of
the Hedging Obligations of the Borrower and its Subsidiaries under any Hedging Agreement
with a Secured Hedging Provider from realization of any Collateral shall be subject to the
terms of the Intercreditor Agreement and Security Documents. No Lender, any Affiliate of a
Lender, or any Secured Hedging Provider shall have any voting rights under any Loan Document
as a result of the existence of obligations owing to it under any Hedging Agreement.”

     II. Amendments to Canadian Credit Agreement. In reliance on the representations and
warranties of the U.S. Borrower and the Canadian Borrower contained herein, and subject to the
terms, and satisfaction of the conditions precedent, set forth in Section XI hereof, the
Canadian Credit Agreement shall be amended effective as of the Effective Date in the manner
provided in this Section II:

     A. Amendment to Definition of Applicable Margin. The definition of “Applicable
Margin” contained in Section 1.1 of the Canadian Credit Agreement shall be amended in their
entirety to read as follows:

     “Applicable Margin” means:

     (a) for any day during the Second-Lien Period, and with respect to any
Eurodollar Loans, any Canadian Prime Loans, any U.S. Prime Loans, any Bankers’
Acceptances or any Commitment Fees payable hereunder, as the case may be, the
applicable percentage rate per annum set forth below under the caption “Eurodollar
Loans”, “U.S. Prime Loans”, “Canadian Prime Loans”, “Bankers’ Acceptances Stamping
Fee” or “Commitment Fees”, as the case may be, based on the Global Borrowing Base
Utilization on such date.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Bankers’	 	 
	 	 	 	 	U.S. Prime	 	Canadian	 	Acceptances	 	 
	Global	 	 	 	Loans (in	 	Prime Loans	 	Stamping Fee	 	Commitment
	Borrowing Base	 	Eurodollar Loan	 	basis	 	(in basis	 	(in basis	 	Fees (in basis
	Utilization:	 	(in basis points)	 	points)	 	points)	 	points)	 	points)
	Less than 25%
	 	225.0	 	137.5	 	137.5	 	225.0	 	50.0
	25% or greater and
less than 50%
	 	250.0	 	162.5	 	162.5	 	250.0	 	50.0
	50% or greater and
less than 75%
	 	275.0	 	187.5	 	187.5	 	275.0	 	50.0
	75% or greater and
less than 90%
	 	300.0	 	212.5	 	212.5	 	300.0	 	50.0
	90% or greater
	 	325.0	 	237.5	 	237.5	 	325.0	 	50.0

     (b) for any day other than a day during the Second-Lien Period, and with
respect to any Eurodollar Loans, any Canadian Prime Loans, any U.S. Prime Loans, any
Bankers’ Acceptances or any Commitment Fees payable hereunder, as the case may be,
the applicable percentage rate per annum set forth below under

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the caption “Eurodollar Loans”, “U.S. Prime Loans”, “Canadian Prime Loans”,
“Bankers’ Acceptances Stamping Fee” or “Commitment Fees”, as the case may be, based
on the Global Borrowing Base Utilization on such date.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Bankers’	 	 
	 	 	 	 	U.S. Prime	 	Canadian	 	Acceptances	 	 
	Global	 	 	 	Loans (in	 	Prime Loans	 	Stamping Fee	 	Commitment
	Borrowing Base	 	Eurodollar Loan	 	basis	 	(in basis	 	(in basis	 	Fees (in basis
	Utilization:	 	(in basis points)	 	points)	 	points)	 	points)	 	points)
	Less than 25%
	 	200.0	 	112.5	 	112.5	 	200.0	 	50.0
	25% or greater and
less than 50%
	 	225.0	 	137.5	 	137.5	 	225.0	 	50.0
	50% or greater and
less than 75%
	 	250.0	 	162.5	 	162.5	 	250.0	 	50.0
	75% or greater and
less than 90%
	 	275.0	 	187.5	 	187.5	 	275.0	 	50.0
	90% or greater
	 	300.0	 	212.5	 	212.5	 	300.0	 	50.0

In the case of each of clauses (a) and (b) above, (i) any change in the
Applicable Margin will occur automatically without prior notice upon any change in
the Global Borrowing Base Utilization, and (ii) any change in the 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.

     B. Amendment to Definition of Obligations. The definition of “Obligations”
contained in Section 1.1 of the Canadian Credit Agreement shall be amended by deleting the
reference to “Lender or any Affiliate of a Lender” and inserting the following in lieu thereof:
“Secured Hedging Provider, including any Hedge Agreement in existence prior to the date hereof, but
excluding any additional transactions or confirmations entered into (i) after such Secured Hedging
Provider ceases to be a Lender or an Affiliate of a Lender or (ii) after assignment by a Secured
Hedging Provider to another Secured Hedging Provider that is not a Lender or an Affiliate of a
Lender”.

     C. Additional Definitions. Section 1.1 of the Canadian Credit Agreement shall be
amended by inserting the following definitions in appropriate alphabetical order:

     “Defaulting Lender” means any Lender, as reasonably determined by the
Global Administrative Agent, that has (a) failed to fund any portion of its Loans or
participations in Letters of Credit or Swingline Loans within three Business Days of
the date required to be funded by it hereunder, (b) notified the Borrower, the
Global Administrative Agent, the Issuing Bank, the Accepting Lender or any Lender in
writing that it does not intend to comply with any of its funding obligations under
this Agreement or has made a public statement to the effect that it does not intend
to comply with its funding obligations under this Agreement, (c) failed, within
three Business Days after request by the Global Administrative Agent, to confirm
that it will comply with the terms of this Agreement relating to

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its obligations to
fund prospective Loans and participations in then outstanding
Letters of Credit and BA Loans; provided that any such Lender shall cease to be
a Defaulting Lender under this clause (c) upon receipt of such confirmation by the
Global Administrative Agent, (d) otherwise failed to pay over to the Global
Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within three Business Days of the date when due, unless the subject of a
good faith dispute, or (e) become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee or custodian appointed for
it, or has taken any action in furtherance of, or indicating its consent to,
approval of or acquiescence in any such proceeding or appointment or has a parent
company that has become the subject of a bankruptcy or insolvency proceeding, or has
had a receiver, conservator, trustee or custodian appointed for it, or has taken any
action in furtherance of, or indicating its consent to, approval of or acquiescence
in any such proceeding or appointment; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any Equity
Interest in such Lender or a parent company thereof by a Governmental Authority or
an instrumentality thereof.

     “Secured Hedging Provider” means any Person that is a party to a
Hedging Agreement with the Borrower or any of its Subsidiaries that entered into
such Hedging Agreement while such Person was a Lender or an Affiliate of a Lender,
whether or not such Person at any time ceases to be a Lender or an Affiliate of a
Lender, as the case may be.

     D. Amendment to Replacement of Lenders Provision. Clause (iv) of Section 2.19(b) of
the Canadian Credit Agreement shall be deleted and replaced in its entirety with the following:

     “any Lender becomes a Defaulting Lender hereunder,”

     E. Defaulting Lenders Provision. Article II of the Canadian Credit Agreement shall be
amended to add the new Section 2.22 at the end thereof which shall read in full as follows:

     “SECTION 2.22 Defaulting Lenders. Notwithstanding any provision of
this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then,
until such time as such Lender is no longer a Defaulting Lender or is removed as a
Lender pursuant to Section 2.19, the following provisions shall apply:

     (a) if any BA Exposure or LC Exposure exists at the time a Lender
becomes a Defaulting Lender, then the Borrower shall within one Business Day
following notice by the Global Administrative Agent (A)(x) first, prepay
such BA Exposure and (y) second, cash collateralize such Defaulting Lender’s
LC Exposure in accordance with the procedures set forth in Section 2.4(i)
until the date such LC Exposure is no longer outstanding, or (B) enter into
arrangements satisfactory to the Global

9

 

Administrative Agent, the Accepting
Lender, the Issuing Bank, and the Borrower;

     (b) so long as any Lender is a Defaulting Lender, the Accepting Lender
shall not be required to accept any Bankers’ Acceptance and the Issuing Bank
shall not be required to issue, amend or increase any Letter of Credit,
unless it is satisfied that cash collateral will be provided by the Borrower
in accordance with Section 2.22(a) (or such other arrangements as are
satisfactory to the Global Administrative Agent, the Accepting Lender, the
Issuing Bank, and the Borrower); and

     (c) for the avoidance of doubt, the Borrower shall retain and reserve
its other rights and remedies respecting each Defaulting Lender.”

     F. Amendment to Collateral Matters; Hedging Agreements Provision. Section 10.15 of
the Canadian Credit Agreement shall be amended and restated in full as follows:

     “SECTION 10.15 Collateral Matters; Hedging Agreements. The benefit of the Security
Documents and of the provisions of this Agreement relating to the Collateral shall also extend to
and be available to the Secured Hedging Providers on a pro rata basis in respect of any Hedging
Obligations of the Borrower or any of its Subsidiaries, including any Hedge Obligations in
existence prior to the date hereof, but excluding any additional transactions or confirmations
entered into (i) after a Secured Hedging Provider ceases to be a Lender or an Affiliate of a Lender
or (ii) after assignment by a Secured Hedging Provider to another Secured Hedging Provider that is
not a Lender or an Affiliate of a Lender; provided that it is the intention of the parties
hereto that repayment of the Hedging Obligations of the Borrower and its Subsidiaries under any
Hedging Agreement with a Secured Hedging Provider from realization of any Collateral shall be
subject to the terms of the Intercreditor Agreement and Security Documents. No Lender, any
Affiliate of a Lender, or any Secured Hedging Provider shall have any voting rights under any Loan
Document as a result of the existence of obligations owing to it under any Hedging Agreement.”

     III. Global Borrowing Base.

     A. Subject to adjustments pursuant to Sections 2.8(d), (e), (g), and (h) of the U.S. Credit
Agreement or Sections 2.7(d), (e), (g), and (h) of the Canadian Credit Agreement, by execution of
this Amendment, each of the Global Administrative Agent, the Combined Lenders, the U.S. Borrower
and the Canadian Borrower agree during the period from the date hereof to the date of the next
redetermination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements)
pursuant to the provisions of Section 2.8 of the U.S. Credit Agreement or Section 2.7 of the
Canadian Credit Agreement that (a) the Global Borrowing Base (as defined in each of the Combined
Credit Agreements) shall be reaffirmed at U.S.$1,200,000,000, (b) the U.S. Borrowing Base shall
equal U.S.$950,000,000, (c) the Allocated U.S. Borrowing Base (as defined in each of the Combined
Credit Agreements) shall equal U.S.$900,000,000, and (d) the Allocated Canadian Borrowing Base (as
defined in each of the Combined Credit Agreements) shall equal U.S.$300,000,000.

10

 

     B. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Lenders, the U.S.
Borrower and the Canadian Borrower agree and acknowledge that (a) the determination of the Global
Borrowing Base (as defined in each of the Combined Credit
Agreements) and U.S. Borrowing Base set forth in Section III.A of this Amendment is
the calendar year 2009 Scheduled Redetermination of the Global Borrowing Base (as defined in each
of the Combined Credit Agreements) and the U.S. Borrowing Base pursuant to Section 2.8(b) of the
U.S. Credit Agreement or Section 2.7(b) of the Canadian Credit Agreement and (b) such
determination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements)
and the U.S. Borrowing Base shall not be considered as a request for a “discretionary
determination” of the Global Borrowing Base (as defined in each of the Combined Credit Agreements)
and the U.S. Borrowing Base by the Borrower, the Global Administrative Agent, the Required Lenders
(in the case of the Global Borrowing Base) or the U.S. Supermajority Lenders (in the case of the
U.S. Borrowing Base) for the purposes of Section 2.8(e) of the U.S. Credit Agreement or Section
2.7(e) of the Canadian Credit Agreement.

     C. In accordance with Section 2.1(c) of each of the U.S. Credit Agreement and the Canadian
Credit Agreement, the Global Administrative Agent hereby notifies the Canadian Administrative
Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrower of the reallocation of the
Global Commitments under the Combined Credit Agreements as set forth and described on Schedule 2.1
– U.S. Credit Agreement and Schedule 2.1 – Canadian Credit Agreement attached hereto.

     D. The parties hereto agree that the Global Borrowing Base and the U.S. Borrowing Base shall
be redetermined on or about November 1, 2009 (or such date promptly thereafter as reasonably
possible (a) based on the Reserve Report delivered and such other engineering, production,
operating and other data delivered to the Global Administrative Agent by the U.S. Borrower and (b)
in accordance with, and consistent with, the provisions of Section 2.8(e) of the U.S. Credit
Agreement). The U.S. Borrower shall furnish to the Global Administrative Agent a Reserve Report in
form and substance reasonably satisfactory to the Global Administrative Agent on or prior to
October 1, 2009, to facilitate such redetermination which shall otherwise be conducted in
accordance with Section 2.8(e) of the U.S. Credit Agreement. For the avoidance of doubt, this
redetermination shall be in addition to, and shall not be considered as a request for, any other
redetermination of the Global Borrowing Base (as defined in each of the Combined Credit Agreements)
or the U.S. Borrowing Base required or permitted under the U.S. Credit Agreement or the Canadian
Credit Agreement, including, without limitation, any discretionary redetermination permitted under
the U.S. Credit Agreement or the Canadian Credit Agreement.

     IV. Rearrangement of Existing Loans. As of the Effective Date and in connection with
the redeterminations set forth in Section III hereof:

     A. All of the Combined Commitments and outstanding Combined Obligations under the Combined
Credit Agreements as of the date of such effectiveness shall hereby be restructured, rearranged,
renewed, extended and continued under the applicable Combined Credit Agreement (as amended hereby)
and all Combined Loans and Letters of Credit (as defined in each of the Combined Credit Agreements)
outstanding under the applicable Combined Credit Agreement as of the date of such effectiveness
shall hereby become Combined Loans and Letters

11

 

of Credit (as defined in each of the Combined Credit
Agreements) outstanding under the applicable Combined Credit Agreement (as amended hereby).

     B. In connection herewith, the Combined Lenders party to the Combined Credit Agreements prior
to the effectiveness of this Amendment (the “Existing Lenders”) hereby sell, assign,
transfer and convey, and the Combined Lenders hereby purchase and accept, so much of the aggregate
Combined Commitments under, Combined Loans outstanding under, and participations in Letters of
Credit (as defined in each of the Combined Credit Agreements) issued pursuant to, the Combined
Credit Agreements such that the Combined Commitment of each Combined Lender shall be as set forth
on “Schedule 2.1 – U.S. Credit Agreement Global Commitments and Commitments Upon Effective Date”
and “Schedule 2.1 – Canadian Credit Agreement Global Commitments and Commitments Upon Effective
Date,” each as attached to this Amendment. The foregoing assignments, transfers and conveyances
are without recourse to the Existing Lenders and without any warranties whatsoever by any Agent,
any Issuing Bank or any Existing Lender as to title, enforceability, collectability, documentation
or freedom from liens or encumbrances, in whole or in part, other than the warranty of each
Existing Lender that it has not previously sold, transferred, conveyed or encumbered such
interests.

     V. Amendment to Schedule 2.1 of U.S. Credit Agreement. In reliance on the
representations and warranties of the U.S. Borrower and the Canadian Borrower contained herein, and
subject to the terms, and satisfaction of the conditions precedent, set forth in Section XI
hereof, Schedule 2.1 to the U.S. Credit Agreement shall be deleted in its entirety and “Schedule
2.1 – U.S. Credit Agreement Global Commitments and Commitments Upon Effective Date” attached to
this Amendment shall be substituted in lieu thereof, effective as of the Effective Date.

     VI. Amendment to Schedule 2.1 of Canadian Credit Agreement. In reliance on the
representations and warranties of the U.S. Borrower and the Canadian Borrower contained herein, and
subject to the terms, and satisfaction of the conditions precedent, set forth in Section XI
hereof, Schedule 2.1 to the Canadian Credit Agreement shall be deleted in its entirety and
“Schedule 2.1 – Canadian Credit Agreement Global Commitments and Commitments Upon Effective Date”
attached to this Amendment shall be substituted in lieu thereof, effective as of the Effective
Date.

     VII. Consent to Subject Transactions. The consummation of the Subject Transactions
(or certain transactions comprising the Subject Transactions) are, without giving effect to this
Amendment, prohibited by certain provisions of the Combined Credit Agreements and the other
Combined Loan Documents, including, without limitation, Section 7.5 of the U.S. Credit Agreement,
and the U.S. Borrower and the Canadian Borrower hereby request that the Combined Lenders consent to
the consummation of the Subject Transactions. In reliance on the representations and warranties of
the U.S. Borrower and the Canadian Borrower contained herein, and subject to the terms, and
satisfaction of the conditions precedent, set forth in Section X hereof, the Consenting
Combined Lenders hereby consent to the consummation of the Subject Transactions as of the Subject
Transactions Closing Date (hereinafter defined). Effective as of the Subject Transactions Closing
Date, the Global Administrative Agent is hereby authorized and directed to execute and deliver such
documents and instruments, including

12

 

without limitation lien releases, as may be required to
release the Liens of the Global Administrative Agent upon the Subject Properties.

     VIII. Amendments Effective Upon Subject Transactions Closing Date. Upon the Subject
Transactions Closing Date, the following additional amendments shall be effective:

     A. Global Borrowing Base.

     1. Subject to adjustments pursuant to Sections 2.8(d), (e), (g), and (h) of the U.S.
Credit Agreement or Sections 2.7(d), (e), (g), and (h) of the Canadian Credit Agreement, by
execution of this Amendment, and except as provided in Section VIII.D below, each of
the Global Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian
Borrower agree during the period from the date hereof to the date of the next
redetermination of the Global Borrowing Base (as defined in each of the Combined Credit
Agreements) pursuant to the provisions of Section 2.8 of the U.S. Credit Agreement or
Section 2.7 of the Canadian Credit Agreement that (a) the Global Borrowing Base (as defined
in each of the Combined Credit Agreements) shall be decreased to U.S.$1,125,000,000, (b) the
U.S. Borrowing Base shall be decreased to U.S.$875,000,000, (c) the Allocated U.S. Borrowing
Base (as defined in each of the Combined Credit Agreements) shall equal U.S.$825,000,000,
and (d) the Allocated Canadian Borrowing Base (as defined in each of the Combined Credit
Agreements) shall equal U.S.$300,000,000.

     2. Each of the Global Administrative Agent, the Combined Lenders, the U.S. Lenders, the
U.S. Borrower and the Canadian Borrower agree and acknowledge that (a) the determination of
the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and U.S.
Borrowing Base set forth in Section VIII.A.1 of this Amendment is not a Scheduled
Redetermination of the Global Borrowing Base (as defined in each of the Combined Credit
Agreements) and the U.S. Borrowing Base pursuant to Section 2.8(b) of the U.S. Credit
Agreement or Section 2.7(b) of the Canadian Credit Agreement and (b) such determination of
the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the
U.S. Borrowing Base shall not be considered as a request for a “discretionary determination”
of the Global Borrowing Base (as defined in each of the Combined Credit Agreements) and the
U.S. Borrowing Base by the Borrower, the Global Administrative Agent or the Required Lenders
for the purposes of Section 2.8(e) of the U.S. Credit Agreement or Section 2.7(e) of the
Canadian Credit Agreement.

     3. In accordance with Section 2.1(c) of each of the U.S. Credit Agreement and the
Canadian Credit Agreement, the Global Administrative Agent hereby notifies the Canadian
Administrative Agent, the Combined Lenders, the U.S. Borrower and the Canadian Borrower of
the reallocation of the Global Commitments under the Combined Credit Agreements as set forth
and described on “Schedule 2.1 – U.S. Credit Agreement Global Commitments and Commitments
Upon Subject Transactions Closing Date” and “Schedule 2.1 – Canadian Credit Agreement Global
Commitments and Commitments Upon Subject Transactions Closing Date” attached hereto, except
as provided in Section VIII.D below.

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     B. Amendment to Schedule 2.1 of U.S. Credit Agreement. Subject to Section
VIII.D below, in reliance on the representations and warranties of the U.S. Borrower and the
Canadian Borrower contained herein, and subject to the terms, and satisfaction of the
conditions precedent, set forth in Section X hereof, Schedule 2.1 to the U.S. Credit
Agreement shall be deleted in its entirety and “Schedule 2.1 – U.S. Credit Agreement Global
Commitments and Commitments Upon Subject Transactions Closing Date” attached to this Amendment
shall be substituted in lieu thereof, effective as of the Subject Transactions Closing Date.

     C. Amendment to Schedule 2.1 of Canadian Credit Agreement. Subject to Section
VIII.D below, in reliance on the representations and warranties of the U.S. Borrower and the
Canadian Borrower contained herein, and subject to the terms, and satisfaction of the conditions
precedent, set forth in Section X hereof, Schedule 2.1 to the Canadian Credit Agreement
shall be deleted in its entirety and “Schedule 2.1 – Canadian Credit Agreement Global Commitments
and Commitments Upon Subject Transactions Closing Date” attached to this Amendment shall be
substituted in lieu thereof, effective as of the Subject Transactions Closing Date.

     D. Optional Borrowing Base Redetermination Related to Subject Transactions. On or
after April 20, 2009 and on or before the earlier of (i) the consummation of the Subject
Transactions or (ii) June 30, 2009, the U.S. Borrower shall have the right by written notice to the
Global Administrative Agent to request a discretionary redetermination of the Global Borrowing Base
and the U.S. Borrowing Base. The U.S. Borrower shall comply with the terms of Section 2.8(e) of
the U.S. Credit Agreement in seeking such discretionary redetermination; provided that, for the
avoidance of doubt, the discretionary redetermination contemplated by this Section VIII.D
shall not constitute a usage by the U.S. Borrower of its right once per calendar year to request an
unscheduled redetermination pursuant to Section 2.8(e) of the U.S. Credit Agreement or Section
2.7(e) of the Canadian Credit Agreement. If the results of this discretionary redetermination are
favorable to the U.S. Borrower (i.e., the Global Borrowing Base and/or the U.S. Borrowing Base are
greater than the Global Borrowing Base and/or the U.S. Borrowing Base set forth in
Section VIII.A) and the U.S. Borrower agrees with such redetermination, the U.S. Borrower
shall execute such documents as the Global Administrative Agent may require to confirm such
redetermination, and the Global Administrative Agent shall provide a revised Schedule 2.1 to U.S.
Credit Agreement, which shall replace “Schedule 2.1 – U.S. Credit Agreement Global Commitments and
Commitments Upon Subject Transactions Closing Date,” and a revised Schedule 2.1 to Canadian Credit
Agreement, which shall replace “Schedule 2.1 – Canadian Credit Agreement Global Commitments and
Commitments Upon Subject Transactions Closing Date.” If the results of this discretionary
redetermination are unfavorable to the U.S. Borrower, such determination shall not be effective and
the provisions of Section VIII.A above shall be effective upon the occurrence of the
Subject Transactions Closing Date until the next scheduled or discretionary redetermination of the
Global Borrowing Base and the U.S. Borrowing Base shall occur.

     IX. Rearrangement of Existing Loans. As of the Subject Transactions Closing Date and
in connection with the redeterminations set forth in Sections VIII.A or VIII.D hereof:

     A. All of the Combined Commitments and outstanding Combined Obligations under the Combined
Credit Agreements as of the Subject Transactions Closing Date shall hereby be

14

 

restructured,
rearranged, renewed, extended and continued under the applicable Combined Credit Agreement (as
amended hereby) and all Combined Loans and Letters of Credit (as defined in
each of the Combined Credit Agreements) outstanding under the applicable Combined Credit
Agreement as of the Subject Transactions Closing Date shall hereby become Combined Loans and
Letters of Credit (as defined in each of the Combined Credit Agreements) outstanding under the
applicable Combined Credit Agreement (as amended hereby).

     B. In connection herewith, the Combined Lenders party to the Combined Credit Agreements prior
to the Subject Transactions Closing Date (the “Subject Transactions Existing Lenders”)
hereby sell, assign, transfer and convey, and the Combined Lenders hereby purchase and accept, so
much of the aggregate Combined Commitments under, Combined Loans outstanding under, and
participations in Letters of Credit (as defined in each of the Combined Credit Agreements) issued
pursuant to, the Combined Credit Agreements such that the Combined Commitment of each Combined
Lender shall be as set forth on “Schedule 2.1 – U.S. Credit Agreement Global Commitments and
Commitments Upon Subject Transactions Closing Date” and “Schedule 2.1 – Canadian Credit Agreement
Global Commitments and Commitments Upon Subject Transactions Closing Date,” each as attached to
this Amendment, subject to adjustments that may occur as a result of Section VIII.D and
adjustments to reflect any subsequent assignment permitted under Section 10.4 of the U.S. Credit
Agreement and the Canadian Credit Agreement. The foregoing assignments, transfers and conveyances
are without recourse to the Subject Transactions Existing Lenders and without any warranties
whatsoever by any Agent, any Issuing Bank or any Subject Transactions Existing Lender as to title,
enforceability, collectability, documentation or freedom from liens or encumbrances, in whole or in
part, other than the warranty of each Subject Transactions Existing Lender that it has not
previously sold, transferred, conveyed or encumbered such interests.

     X. Effectiveness of Subject Transactions. The consent contained in Section
VII hereof shall be effective as of the date when the following conditions precedent have been
satisfied (the “Subject Transactions Closing Date”):

     A. The Subject Transactions shall be consummated on or prior to June 30, 2009 and on
materially the same terms and conditions described in the MOU (including, without limitation, the
Subject Transactions shall be consummated for the consideration set forth therein), and the Global
Administrative Agent shall have received (i) copies of all material agreements evidencing the
Subject Transactions, including any and all supplements, amendments or modifications thereto, which
documents, and supplements, amendments or modifications thereto shall be certified by the Borrower
as true, correct and complete, and all of which agreements shall be reasonably satisfactory to the
Global Administrative Agent in its sole discretion, (ii) evidence that the Subject Transactions
shall close simultaneously with the occurrence of the Subject Transactions Closing Date, all
conditions precedent to the effectiveness of the Subject Transactions shall have been satisfied or
waived to the extent not materially adverse to the interests of the Combined Lenders and all Net
Cash Proceeds thereof shall have been paid to reduce the Obligations (as defined after giving
effect to this Amendment) to the extent required to comply with the U.S. Credit Agreement and
Section X.C of this Amendment, and thereafter to prepay a portion of the Second-Lien Term
Debt to the extent expressly required under the Second Lien Credit Agreement, and (iii) any other
documents and

15

 

information regarding the Subject Transactions reasonably requested by the Global
Administrative Agent.

     B. The Global Administrative Agent shall have received counterparts of such Security Documents
(if any), duly executed and delivered by the applicable Loan Parties, as applicable, all related
financing statements and a customary legal opinion to the extent reasonably requested by the Global
Administrative Agent or its counsel, such that the representations and warranties contained in the
Combined Credit Agreements, including, without limitation, Section 3.5, Section 3.7 and Section
3.25 of the U.S. Credit Agreement and Section 3.16 of the Canadian Credit Agreement, and the
covenants contained in the Combined Credit Agreements, including, without limitation, Section 5.17
of the U.S. Credit Agreement and Section 5.10 of the Canadian Credit Agreement (in each case after
giving effect to this Amendment), are true and correct in all material respects on the Subject
Transactions Closing Date.

     C. On the Subject Transactions Closing Date, and after giving effect to the consummation of
the Subject Transactions, any payments required under the Second Lien Loan Documents related
thereto, and the terms of this Amendment (for the avoidance of doubt, including, without
limitation, the amendments in Section VIII of this Amendment), no Default, Event of
Default, Global Borrowing Base Deficiency, U.S. Borrowing Base Deficiency or Global Availability
Deficiency shall have occurred which is continuing, nor shall any Subject Transaction result in any
Default, Event of Default, Global Borrowing Base Deficiency, U.S. Borrowing Base Deficiency or
Global Availability Deficiency (calculated both before and after giving effect to the terms of this
Amendment, including, without limitation, the reduction in the Global Borrowing Base set forth in
Section VIII.A.1 of this Amendment [for the avoidance of doubt, the sum of the Global
Availability and Excess Available Cash of the U.S. Borrower shall not be less than an amount equal
to the greater of (i) 10% of $1,125,000,000 (or such other amount as may be determined to be the
Global Borrowing Base pursuant to Section VIII.D) and (ii) $100,000,000]).

     D. The Combined Borrowers shall have paid all reasonable out-of-pocket fees and expenses of
counsel for the Global Administrative Agent incurred as of the Subject Transactions Closing Date,
to the extent the same have been invoiced and sent to the U.S. Borrower at least two (2) Business
Days prior to such applicable date, including all such out-of-pocket fees and expenses incurred in
connection with the preparation, negotiation and execution of this Amendment and the other Combined
Loan Documents to be executed and delivered in connection therewith.

     E. The Collateral and Borrowing Base Properties shall be free and clear of all Liens, except
Permitted Encumbrances. All filings, notices, recordings and other action necessary to perfect the
Liens in the Collateral shall have been made, given or accomplished or arrangements for the
completion thereof reasonably satisfactory to the Global Administrative Agent and its counsel shall
have been made and all filing fees and other expenses related to such actions shall either have
been paid in full or arrangements shall have been made for their payment in full which are
reasonably satisfactory to the Global Administrative Agent.

16

 

     F. The Global Administrative Agent shall have received a certificate, signed by an Authorized
Officer of the U.S. Borrower, (i) stating that no event or condition has occurred since December
31, 2008, which would reasonably be expected to have a Material Adverse Effect, (ii) stating that
upon delivery of such certificate, all conditions precedent set forth in Section X of
this Amendment have been satisfied or waived by the Majority Lenders, and (iii) confirming its
calculation that no consent to the Subject Transaction is required under Section 7.05(h) of the
Second Lien Credit Agreement.

     G. The Global Administrative Agent shall have received evidence that the U.S. Borrower has
caused all Liens required to be granted to the Second Lien Administrative Agent pursuant to the
terms of the Second-Lien Loan Documents (if any) to be granted simultaneously herewith.

     H. The Global Administrative Agent shall have received such other customary legal opinions,
instruments and documents as any of the Global Administrative Agent, the Combined Lenders or their
counsel may have reasonably requested.

     XI. Conditions Precedent to Amendment. This Amendment shall be effective as of the
date first set forth above when the following conditions precedent have been satisfied (the
“Effective Date”):

     A. The Global Administrative Agent shall have received counterparts hereof duly executed by
the U.S. Borrower, the Canadian Borrower, the Global Administrative Agent, the Canadian
Administrative Agent and the Majority Lenders (or, in the case of any party as to which an executed
counterpart shall not have been received, telegraphic, telex, or other written confirmation from
such party of execution of a counterpart hereof by such party).

     B. The Combined Borrowers shall have paid (i) all reasonable out-of-pocket fees and expenses
of counsel for the Global Administrative Agent incurred, to the extent the same have been invoiced
and sent to the U.S. Borrower at least two (2) Business Days prior to the Effective Date, including
all such out-of-pocket fees and expenses incurred in connection with the preparation, negotiation
and execution of this Amendment and any other Combined Loan Documents to be executed and delivered
in connection therewith and (ii) any and all fees payable to Global Administrative Agent or certain
Combined Lenders pursuant to or in connection with this Amendment in consideration for the
agreements set forth herein.

     C. Each Combined Lender whose Global Commitment is increasing or decreasing hereunder that has
requested a Note shall have received a duly completed and executed Note, payable to the order of
such Combined Lender.

     D. If, on the Effective Date, any Eurodollar Borrowings are outstanding under the Combined
Credit Agreements and if the Effective Date is not the last day of the Interest Period(s) in
respect of such Eurodollar Borrowings, the Combined Borrowers shall have paid any compensation
required under Section 2.17 of the U.S. Credit Agreement and Section 2.16 of the Canadian Credit
Agreement.

17

 

     E. No Default, Event of Default, Global Borrowing Base Deficiency, U.S. Borrowing Base
Deficiency or Global Availability Deficiency shall have occurred which is continuing.

     XII. Reaffirmation of Representations and Warranties. To induce the Combined Lenders
and the Global Administrative Agent to enter into this Amendment, the U.S. Borrower and the
Canadian Borrower hereby reaffirm, as of the date hereof, the following:

          (i) The representations and warranties of each Loan Party (as such term is defined in
the U.S. Credit Agreement and the Canadian Credit Agreement, collectively, the “Combined
Loan Parties”) set forth in the Combined Loan Documents to which it is a party are true
and correct on and as of the date hereof (or, if stated to have been made expressly as of an
earlier date, were true and correct in all material respects as of such date and, except to
the extent waived in writing by the Combined Lenders, the Required Lenders, the Majority
Lenders, the U.S. Lenders or the U.S. Required Lenders, as applicable).

          (ii) Each of the Combined Loan Parties (a) is a corporation or limited partnership duly
incorporated or organized (as applicable), validly existing and in good standing under the
laws of its jurisdiction of incorporation or organization, (b) has all corporate or limited
partnership power (as applicable) and all material governmental licenses, authorizations,
consents and approvals required to carry on its businesses as now conducted and as proposed
to be conducted, and (c) is duly qualified to transact business as a foreign corporation or
limited partnership in each jurisdiction where a failure to be so qualified would reasonably
be expected to have a Material Adverse Effect.

          (iii) The execution, delivery and performance of this Amendment and the other Combined
Loan Documents by each Combined Loan Party (to the extent each Combined Loan Party is a
party to this Amendment and such Combined Loan Documents) (a) are within such Combined Loan
Party’s corporate or limited partnership powers, (b) when executed will be duly authorized
by all necessary corporate or limited partnership action, (c) require no action by or in
respect of, or filing with, any Governmental Authority (other than (1) actions or filings
pursuant to the Exchange Act and (2) actions or filings that have been taken or made and are
in full force and effect) and (d) do not contravene, or constitute a default under, any
provision of applicable Governmental Rule (including, without limitation, Regulation U) or
of the articles or certificate of incorporation, bylaws, regulations, partnership agreement
or comparable charter documents of any Combined Loan Party or of any agreement, judgment,
injunction, order, decree or other instrument binding upon any Combined Loan Party or result
in the creation or imposition of any Lien on any Borrowing Base Property or Collateral other
than the Liens securing the Combined Obligations.

          (iv) This Amendment and each other Combined Loan Document constitutes, or when executed
and delivered will constitute, valid and binding obligations of each Combined Loan Party
which is a party thereto, enforceable against each such Combined Loan Party which executes
the same in accordance with its terms except as the enforceability thereof may be limited by
(a) bankruptcy, insolvency, reorganization,

18

 

moratorium, or similar Governmental Rules
affecting creditors’ rights generally, and (b) equitable principles of general applicability
(whether enforcement is sought by proceedings at law or in equity).

          (v) Neither a Default nor an Event of Default has occurred and will exist under either
Combined Credit Agreement after giving effect to the transactions contemplated by this
Amendment or the other Combined Loan Documents or the Subject Transactions, after giving
effect to the amendments and consents contained herein. Neither the U.S. Borrower or any of
its Subsidiaries nor the Canadian Borrower or any of its Subsidiaries is in default under,
nor has any event or circumstance occurred which, but for the expiration of any applicable
grace period or the giving of notice, or both, would constitute a default under, any
Material Agreement to which the U.S. Borrower or any of its Subsidiaries or the Canadian
Borrower or any of its Subsidiaries is a party or by which the U.S. Borrower or any of its
Subsidiaries or the Canadian Borrower or any of its Subsidiaries is bound which default
would reasonably be expected to have a Material Adverse Effect. The U.S. Borrower is in
compliance with the financial covenants set forth in Article VI of the U.S. Credit
Agreement.

          (vi) No event or events have occurred since December 31, 2008 which individually or in
the aggregate would reasonably be expected to have a Material Adverse Effect.

     XIII. Defined Terms. Capitalized terms used herein when defined in the U.S. Credit
Agreement shall have the same meanings herein unless the context otherwise requires.

     XIV. Reaffirmation of Combined Credit Agreements. This Amendment shall be deemed to
be an amendment to the Combined Credit Agreements, and the Combined Credit Agreements, as amended
hereby, are hereby ratified, approved and confirmed in each and every respect. All references to
the Combined Credit Agreements herein and in any other document, instrument, agreement or writing
shall hereafter be deemed to refer to the Combined Credit Agreements as amended hereby.

     XV. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF TEXAS.

     NOTWITHSTANDING THE FOREGOING SENTENCE AND AFTER GIVING EFFECT TO THE TEXTUAL AMENDMENTS
CONTAINED IN SECTIONS I, II, V, VI AND VIII OF THIS AMENDMENT, (i) THE U.S. CREDIT
AGREEMENT (AS AMENDED HEREBY) SHALL CONTINUE TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW SPECIFIED IN SECTION 10.9(a) OF THE U.S. CREDIT AGREEMENT, AND (ii) THE CANADIAN CREDIT
AGREEMENT (AS AMENDED HEREBY) SHALL CONTINUE TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW SPECIFIED IN SECTION 10.9(a) OF THE CANADIAN CREDIT AGREEMENT.

     XVI. Severability of Provisions. Any provision of this Amendment held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the

19

 

extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     XVII. Counterparts. This Amendment may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Amendment by telecopy (or other electronic transmission acceptable to
the Global Administrative Agent) shall be effective as delivery of a manually executed counterpart
of this Amendment.

     XVIII. Headings. Article and Section headings used herein are for convenience of
reference only, are not part of this Amendment and shall not affect the construction of, or be
taken into consideration in interpreting, this Amendment.

     XIX. 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 hereby
(including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that neither
the U.S. Borrower nor the Canadian Borrower may assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of the Global Administrative Agent, each
Issuing Bank and each Combined Lender (and any attempted assignment or transfer by either the U.S.
Borrower or the Canadian Borrower without such consent shall be null and void). Nothing in this
Amendment, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, and their respective successors and assigns permitted hereby) any legal or
equitable right, remedy or claim under or by reason of this Amendment.

     XX. No Oral Agreements. THIS AMENDMENT, THE COMBINED CREDIT AGREEMENTS, AS AMENDED
HEREBY, AND THE OTHER COMBINED LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN AND AMONG THE
PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     XXI. Loan Document. This Amendment constitutes a “Loan Document,” a “Canadian Loan
Document” and a “Combined Loan Document” under and as defined in the U.S. Credit Agreement, and a
“Loan Document,” a “U.S. Loan Document” and a “Combined Loan Document” under and as defined in the
Canadian Credit Agreement.

[Signature Pages to Follow]

20

 

     IN WITNESS WHEREOF, the U.S. Borrower, the Canadian Borrower, the undersigned Combined
Lenders, the Global Administrative Agent and the Canadian Administrative Agent have executed this
Amendment as of the date first above written.

	 	 	 	 	 
	 	U.S. BORROWER

QUICKSILVER RESOURCES INC.,

a Delaware corporation, as U.S. Borrower

 	 
	 	By:  	/s/ MarLu Hiller
 	 
	 	 	MarLu Hiller, Vice President – Treasurer 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	CANADIAN BORROWER 

QUICKSILVER RESOURCES CANADA INC.,

an Alberta, Canada corporation, as Canadian Borrower

 	 
	 	By:  	/s/ MarLu Hiller
 	 
	 	 	MarLu Hiller, Vice President – Treasurer 	 
	 	 	 	 
	 

Each of
the undersigned (i) acknowledge, consent and agree to this Amendment and each of the terms
and provisions contained herein, and (ii) agree that the Combined Loan 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.

	 	 	 	 	 
	 	ACKNOWLEDGED, CONSENTED AND AGREED 

TO  as of the
date first above written:

COWTOWN GAS PROCESSING L.P., a Texas 

limited
partnership

 	 
	 	By:  	Cowtown Pipeline Management, Inc., its general partner 

	 	 	 	 	 
	 	 	 
	 	By:  	                     /s/ MarLu Hiller
 	 
	 	Name:  	 	MarLu Hiller 	 
	 	Title:  	 	Vice President – Treasurer 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	COWTOWN PIPELINE MANAGEMENT, INC., a 

Texas corporation

 	 
	 	By:  	/s/ MarLu Hiller
 	 
	 	Name:  	 	MarLu Hiller 	 
	 	Title:  	 	Vice President – Treasurer 	 
	 
	 	COWTOWN PIPELINE FUNDING, INC., a 

Delaware corporation

 	 
	 	By:  	/s/ MarLu Hiller
 	 
	 	Name:  	 	MarLu Hiller 	 
	 	Title:  	 	Vice President – Treasurer 	 
	 
	 	COWTOWN PIPELINE L.P., a Texas limited 

partnership

 	 
	 	By:  	Cowtown Pipeline Management, Inc., its general partner 
 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ MarLu Hiller
 	 
	 	Name:  	 	MarLu Hiller 	 
	 	Title:  	 	Vice President – Treasurer 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AGENTS AND COMBINED LENDERS

JPMORGAN CHASE BANK, N.A., as Global 

Administrative Agent and as a U.S. Lender

 	 
	 	By:  	/s/ Kimberly A. Coil
 	 
	 	 	Kimberly A. Coil 	 
	 	 	Senior Vice President 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,
as a Canadian Administrative Agent 

and as a Canadian Lender

 	 
	 	By:  	/s/ Michael N. Tam
 	 
	 	Name:  	 	Michael N. Tam 	 
	 	Title:  	 	Senior Vice President 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a U.S. Lender

 	 
	 	By:  	/s/ Ronald E. McKaig
 	 
	 	Name:  	 	Ronald E. McKaig 	 
	 	Title:  	 	Senior Vice President 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS, as a U.S. Lender

 	 
	 	By:  	/s/ Russell Otts
 	 
	 	Name:  	 	Russell Otts 	 
	 	Title:  	 	Director 	 
	 
	 	 	 
	 	By:  	                          /s/ Betsy Jocher
 	 
	 	Name:  	 	Betsy Jocher 	 
	 	Title:  	 	Director 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FORTIS CAPITAL CORP., as a U.S. Lender

 	 
	 	By:  	/s/ Michele Jones
 	 
	 	Name:  	 	Michele Jones 	 
	 	Title:  	 	Director 	 
	 
	 	 	 
	 	By:  	                         /s/ Darrell Holley
 	 
	 	Name:  	 	Darrell Holley 	 
	 	Title:  	 	Managing Director 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as a U.S. Lender

 	 
	 	By:  	/s/ David G. Mills
 	 
	 	Name:  	David Mills 	 
	 	Title:  	Managing Director 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as a U.S. Lender

 	 
	 	By:  	/s/ Erin Morrissey
 	 
	 	Name:  	Erin Morrissey 	 
	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	                        /s/ Omayra Laucella
 	 
	 	Name:  	Omayra Laucella 	 
	 	Title:  	Vice President 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc, as a U.S. Lender

 	 
	 	By:  	/s/ Lucy Walker
 	 
	 	Name:  	Lucy Walker 	 
	 	Title:  	Vice President 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH, as a U.S. Lender

 	 
	 	By:  	/s/ Tom Byargeon
 	 
	 	Name:  	Tom Byargeon 	 
	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	                         /s/ Sharada Manne
 	 
	 	Name:  	Sharada Manne 	 
	 	Title:  	Director 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	CITIBANK, N.A., as a U.S. Lender

 	 
	 	By:  	/s/ Amy Pincu
 	 
	 	Name:  	Amy Pincu 	 
	 	Title:  	Vice President 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	UNION BANK, N.A. (formerly known as Union Bank of California, N.A.), as a U.S. Lender

 	 
	 	By:  	/s/ Alison Fuqua
 	 
	 	Name:  	Alison Fuqua 	 
	 	Title:  	Assistant Vice President 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as a U.S. Lender

 	 
	 	By:  	/s/ David C. Brooks
 	 
	 	Name:  	David C. Brooks 	 
	 	Title:  	Vice President 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	TORONTO DOMINION (TEXAS) LLC, as a U.S. Lender	 
	 
	 	By:  	/s/ Debbi L. Brito
 	 
	 	Name:  	Debbi L. Brito 	 
	 	Title:  	Authorized Signatory 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a U.S. Lender

 	 
	 	By:  	/s/ Daria Mahoney
 	 
	 	Name:  	Daria Mahoney 	 
	 	Title:  	Vice President 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION, as a U.S. Lender

 	 
	 	By:  	/s/ Masakazu Hasegawa
 	 
	 	Name:  	Masakazu Hasegawa 	 
	 	Title:  	General Manager 	 
	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	COMPASS BANK, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Dorothy Marchand
 

Dorothy Marchand
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	SOCIÉTÉ GÉNÉRALE, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Stephen W. Warfel
 

Stephen W. Warfel
	 	 
	 

	 	Title:
	 	Managing Director	 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Rebecca L. Wilson
 

Rebecca L. Wilson
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	STERLING BANK, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Melissa A. Bauman
 

Melissa A. Bauman
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CIBC INC., as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Dominic J. Sorresso
 

Dominic J. Sorresso
	 	 
	 

	 	Title:
	 	Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	Authorized Signatory

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	KEYBANK, N.A., as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	EXPORT DEVELOPMENT CANADA, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Janine Dopson
 

Janine Dopson
	 	 
	 

	 	Title:
	 	Loan Asset Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Shawn Cusick
 

Shawn Cusick
	 	 
	 

	 	Title:
	 	Loan Portfolio Manager	 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Maria Lund
 

Maria Lund
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS 

BRANCH, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Vanessa Gomez
 

Vanessa Gomez
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mikhail Faybusovich
 

Mikhail Faybusovich
	 	 
	 

	 	Title:
	 	Vice President	 	 

 [Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	SCOTIABANC INC.,
	 	 	as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ J.F. Todd
 

J.F. Todd
	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	GOLDMAN SACHS BANK USA,

as a U.S. Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew Caditz
 

Andrew Caditz
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A. (by its Canada 

branch), as a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Medina Sales de Andrade
 

Medina Sales de Andrade
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS (CANADA), as a Canadian
Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Chris Rice
 

Chris Rice
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael Gosselin
 

Michael Gosselin
	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	FORTIS CAPITAL (CANADA) LTD., as a
Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Doug Clark
 

Doug Clark
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Cory Wallin
 

Cory Wallin
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA, as a Canadian
Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Stacey Strike
 

Stacey Strike
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew Kellock
 

Andrew Kellock
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK AG CANADA BRANCH, as
a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Eitan Szlak
 

Eitan Szlak
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Marcellus Leung
 

Marcellus Leung
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH, as a Canadian
Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Tom Byargeon
 

Tom Byargeon
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Sharada Manne
 

Sharada Manne
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A., CANADIAN BRANCH, as a

Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Ivan Davey
 

Ivan Davey
	 	 
	 

	 	Title:
	 	Authorised Signer	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	UNION BANK, CANADA BRANCH, (formerly

known as Union Bank of California, N.A., Canada

Branch) as a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Phil Taylor
 

Phil Taylor
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO FINANCIAL
CORPORATION CANADA, as a Canadian

Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul D. Young
 

Paul D. Young
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	THE TORONTO-DOMINION BANK, as a 
Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Debbi L. Brito
 

Debbi L. Brito
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as a 
Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Susan Atherton
 

Susan Atherton
	 	 
	 

	 	Title:
	 	Principal Officer	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	SUMITOMO MITSUI BANKING
 CORPORATION OF CANADA, as a Canadian

Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alfred Lee
 

Alfred Lee
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	SOCIÉTÉ GÉNÉRALE (CANADA BRANCH), 
as a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Baldoni
 

David BALDONI
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul Primavesi
 

Paul PRIMAVESI
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK, CANADA BRANCH, as a 
Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Omer Ahmed
 

Omer Ahmed
	 	 
	 

	 	Title:
	 	Portfolio Manager	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CANADIAN IMPERIAL BANK OF 
COMMERCE, as a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Randy Geislinger
 

Randy Geislinger
	 	 
	 

	 	Title:
	 	Executive Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Chris Perks
 

Chris Perks
	 	 
	 

	 	Title:
	 	Executive Director	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	KEYBANK, N.A., as a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as a Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, TORONTO BRANCH, as a 
Canadian Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alain Daoust
 

Alain Daoust
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Steve W. Fuh
 

Steve W. Fuh
	 	 
	 

	 	Title:
	 	Vice-President	 	 

[Signature Page]

Seventh Amendment to Combined Credit Agreements

Quicksilver Resources Inc.Exhibit 10.1

Exhibit 10.1

SEVERANCE AGREEMENT AND RELEASE

This Severance Agreement and Release is made and effective as of the 12th day of March, 2010
by and between John Boisvert (hereinafter “Executive”), and Thermadyne Holdings Corporation
(“Holdings”) and each of its subsidiaries, divisions, and affiliates (together with Holdings all
collectively referred to as “Employers” or “Releasees”). This Severance Agreement and Release
(“Release”) is entered into pursuant to the terms of the Second Amended and Restated Executive
Employment Agreement (“Agreement”) entered into as of January 1, 2004, as amended by the Amendment
Regarding IRC §409A to Executive Employment Agreement. The terms of this Release are as
follows:

1. Pursuant to the Employers’ Non-Renewal Notice, Executive’s employment with
Employers will terminate effective the 12th day of March, 2010 (the “Effective Date”), thereby
terminating as of that date all further obligations of Employers, of whatever kind and nature,
except such compensation and benefits as are expressly provided for in this Release. In the event
that Executive obtains employment elsewhere during the twelve (12) month period following
termination, Holdings’ obligations for compensation or benefits shall be reduced by the amounts
Executive receives from his new employer as compensation or benefits.

(a) Holdings agrees to continue Executive’s Basic Compensation for a twelve (12) month
period ending on March 12, 2011, payable in accordance with Employers’ normal payroll
practices. For purposes of enhancing this severance benefit, Holdings will use Executive’s
base salary as of January 1, 2009 for purposes of computing his Basic Compensation.
Holdings will also pay to Executive an additional lump sum payment of Fourteen Thousand
Dollars ($14,000) within thirty (30) days of Executive’s execution
and delivery to Holdings of this Release. Both parties recognize that deductions from
these payments, as required by law, will be made.

 

 

 

(b) Except as otherwise provided herein, Holdings also agrees that for the same twelve
(12) month period it will continue to provide to Executive the benefits provided to him
immediately prior to the date of termination of employment, including the payment of
Employers’ portion of the premiums, if any, for said benefits, provided that Executive
timely elects continuation pursuant to the Consolidated Omnibus Budget Reconciliation Act
required for such benefits to continue after termination of employment. The continuation of
Executive’s participation in health insurance coverage and receipt of any other benefits for
which Executive has been required to make contribution during his employment with Employers
shall be further conditioned on Executive continuing to make the same contributions toward
such coverage and other benefits as Executive was making on the date of termination, with
such adjustments to contributions as are made generally for Employers’ active employees.
Notwithstanding the foregoing, after March 12, 2010, Executive will not be entitled to
participate in any 401K plans, excess savings plans, tax qualified profit sharing plans or
any other retirement plans.

(c) Executive shall have the option to receive the present value of said Basic
Compensation and benefits (at a 12% discount) in a lump sum payment, if Executive exercises
this option by giving written notice within ten (10) days after the Effective Date. In that
event, Holdings shall make such lump sum payment within thirty (30) days of receiving the
written notice from Executive.

 

2

 

(d) Executive hereby acknowledges and agrees that Holdings has previously reimbursed
him for, or paid directly on his behalf, educational expenses incurred for classes in which
Executive was enrolled on or prior to the Effective Date, and that, as of such date,
Holdings has no further obligations to reimburse Executive or pay for any educational
expenses on his behalf.

(e) Notwithstanding the broad nature of this Release and except as provided in this
Paragraph 1(e), the terms of any award agreements providing for the grant of any stock
option and restricted stock awards entered into by Executive, and the plan(s) pursuant to
which such awards may have been granted, shall remain in full force and effect and are
reaffirmed herein, and nothing in this Release shall be considered a waiver or release by
Executive of any vested rights to such awards. Subject to obtaining the required
approval(s) of the Compensation Committee of the Board of Directors of Holdings, Holdings
hereby agrees to amend the stock options granted to Executive on June 13, 2004 (25,000
shares with an exercise price of $13.10 per share), March 31, 2006 (5,000 shares with an
exercise price of $15.75 per share) and March 10, 2009 (1,353 shares with an exercise price
of $4.98 per share), which are vested as of the Effective Date, by extending the period
during which Executive may exercise such options to one hundred eighty (180) days after the
date of termination of Executive’s employment.

2. This Release constitutes full and final settlement of all claims asserted or which could
have been asserted prior to the date of the Release. By the execution of the terms hereof,
Releasees are released from all claims for liability asserted or which could have been asserted,
known or unknown, suspected or not suspected.

 

3

 

3. The Release under Paragraph 2 above includes any and all claims, demands and causes of
action of any kind whatever, including attorneys’ fees and costs actually incurred (collectively
referred to as “Claims”), whether known or unknown, which Executive now has or ever has had against
any of the Releasees up to the Effective Date, including but not limited to claims under the Age
Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Equal Pay Act, 29 U.S.C. §206 et
seq., the Employee Retirement Income Security Act, 29 U.S.C. §§1001 et
seq., Title VII, 42 U.S.C. §§2000 et seq., R.S.Mo. Chapter 213, et
seq., 42 U.S.C. §1981, the Americans With Disabilities Act, 42 U.S.C. §§12,101 et.
seq., and any and all other federal, state or local statues and/or ordinances, and any and
all other Claims arising under or pursuant to contract or common law

4. Executive agrees that he will not disparage Releasees (including its current or former
officers, directors, agents, representatives and/or employees) or solicit or encourage others to do
so. Holdings agrees that its officers, directors and employees of its Human Resources department
will not disparage Executive or solicit or encourage others to do so. Notwithstanding the
foregoing, nothing in this Paragraph shall preclude any person from providing truthful testimony or
information as required by law.

5. Executive agrees and represents that it is within his contemplation that he may have Claims
against Releasees of which, at the time of the execution of this Release, he has no knowledge or
suspicion, but he agrees and represents that this Release extends to all Claims in any way based
upon, connected with or related to the matters described in Paragraph 2 and 3, above, whether or
not known, claimed or suspected by him.

 

4

 

6. Releasees deny, and consideration given for this Release does not constitute an admission
of, any allegation of a violation of any applicable law, statute, rule, regulation or
contract made against them by Executive. This Release shall not be deemed an admission of
liability or of a violation of any applicable law, statute, rule, regulation or contract of any
kind.

7. This Release shall be binding upon Executive and his heirs, executors, administrators,
assigns, successors, beneficiaries and agents, and shall inure to the benefit of Releasees and
their successors and assigns.

8. Executive further agrees that from this day forward the amount of the settlement made
herein will not be disclosed by him directly or indirectly, to any other persons, except to his
immediate family, attorney, and accountant, or as required by law. Holdings further agrees that
from this day forward the amount of the settlement made herein will not be disclosed by its
officers, directors or Human Resources department, directly or indirectly, to any other persons,
except to its attorney, affiliated corporate entities, necessary internal personnel, and
accountants, or as required by law. Violation of this provision will entitle the offended party to
the right to recover monetary damages suffered as a result of such violation and to obtain and
enforce injunctive relief prohibiting violation of the confidentiality of this Release.

9. Executive expressly acknowledges and agrees that the waiver of Claims in this Release is
knowing and voluntary, that the Release has been written in a manner calculated to be, and which
is, understood by Executive that Executive is not waiving rights for claims first arising under the
Age Discrimination in Employment Act after the date this Release is signed. Executive further
agrees that: (1) he has read and understands this Release; (2) he understands that Executive has
had a period at least twenty-one (21) days within which to consider it; (3) he is hereby advised to
consult with an attorney regarding this Release, its meaning, effect and application; and (4)
benefits specified in this Release are not benefits to which Executive is presently entitled. Both
parties agree that any modifications or edits to this Release will not
restart the 21-day statutory consideration period. Executive further understands that
Executive may revoke this Release for a period of seven (7) days after the date of execution of
this Release, after which this Release shall become effective, binding and enforceable.

 

5

 

10. This Release is a complete and total integration of the understanding of the parties and
supersedes all prior or contemporaneous negotiations, commitments, agreements, writings and
discussions. Executive represents and warrants that no promise or inducement has been offered or
made except as set forth herein and that this Agreement is executed without any reliance upon any
other statement or representation by any of the Releasees. Notwithstanding this Paragraph 10, the
terms of Sections 7, 8, 9, 10, 18 and 19 of the Agreement, as well as the Amendment Regarding IRC
§409A to Executive Employment Agreement, shall remain in full force and effect and are reaffirmed
herein. Notwithstanding the nature of the termination of the Executive’s employment with the
Employers, the post-employment limitations imposed by Sections 8(b) and 9 of the Agreement
pertaining to Executive’s agreements not to compete and not to solicit employees are hereby
restated and deemed fully enforceable as if fully stated herein. For purpose of interpreting
Section 9 of the Agreement, the parties agree that Executive’s agreement not to solicit employees
will apply to all current employees of any Employer as well as all former employees or consultants
of any Employer who are themselves party to an employment or consulting agreement with any Employer
that contains any confidentiality, non-compete, non-solicitation, work-for-hire, invention and
improvement ownership, and other similar provisions.

[The remainder of this page is intentionally left blank.]

 

6

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Severance Agreement
and Release as of the 12th day of March, 2010.

	 	 	 	 	 
	 	 	 
	 	                                                   /s/ John Boisvert
 	 
	 	John Boisvert 	 
	 	 	 
	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	/s/ Martin Quinn
 	 
	 	By:  	Martin Quinn 	 
	 	Title:  	President 	 
	 

 

7

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