Document:

Amendment to Letter Agr

    Exhibit
      10.1

    [COMPANY
      LETTERHEAD] 

    

    

    June1,
      2006

    

    Jack
      L.
      Waterman

    Chairman
      and CEO

    VitalStream
      Holdings, Inc.

    1
      Jenner,
      Suite 100

    Irvine,
      California 92618

    

    Dear
      Jack,

    

    As
      approved by the Company’s Board of Directors, this letter is intended to amend
      the terms of your employment previously agreed to by you and VitalStream in
      the
      company’s offer letter to you dated May 20, 2006.

    

    The
      offer
      letter contains language in third paragraph thereof that states as
      follows:

    

    “In
      the
      event a “Change of Control” occurs (as defined below) and you subsequently elect
      to terminate your employment with the Company following a material diminution
      in
      the level of your duties or salary, or a material relocation of your principal
      place of employment, such termination will cause 50% of your then unvested
      options to become exercisable as of the date of such termination. If you are
      terminated without cause at any time during the six months prior to or after
      a
“Change of Control” event, such termination will cause 50% of your then unvested
      options at the time of such termination to become vested as of the later to
      occur of the date of such termination or “Change of Control” event. A “Change of
      Control” means (a) a transaction (or a related series of transactions not in the
      ordinary course of business) in which a majority of the assets or business
      of
      the Company is transferred, by merger, lease, sale, consolidation, plan of
      exchange, split-up, split-off, spin-off, reorganization, liquidation or other
      transfer, to a person or entity that is not a parent of the Company, a
      wholly-owned subsidiary of the Company or another entity in which the
      shareholders of the Company immediately prior to such transaction (or the first
      of a series of related transactions) receive in the transaction on a pro rata
      basis and own immediately after the transaction (or the last of a series of
      related transactions) 55% of more of the issued and outstanding shares of
      capital stock, or (b) a transfer by one or more shareholders, in one transfer
      or
      several related transfers (such as in response to a tender offer or in a
      collectively negotiated sale), of 55% or more of the Common Stock outstanding
      on
      the date of such transfer (or the first of such related transfers) to persons,
      other than wholly-owned subsidiaries, who were not shareholders of the Company
      prior to the first such transfer.”

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Letter
      to
      Jack L. Waterman

    Page
      2

    June
      1,
      2006

    

    

    The
      foregoing language of the offer letter shall be replaced in its entirety by
      the
      following language:

    

    “In
      the
      event a “Change of Control” occurs (as defined below), such Change of Control
      will cause 100% of your then unvested options to become exercisable as of the
      date of consummation of the Change of Control. For purposes of the foregoing,
      a
“Change of Control” means (a) a transaction (or a related series of transactions
      not in the ordinary course of business) in which a majority of the assets or
      business of the Company is transferred, by merger, lease, sale, consolidation,
      plan of exchange, split-up, split-off, spin-off, reorganization, liquidation
      or
      other transfer, to a person, entity or group (within the meaning of section
      13(d)(3) of the Securities Exchange Act of 1934)(collectively, a “Person” or
“Persons”) that is not a parent of the Company, a wholly-owned subsidiary of the
      Company or another Person in which the shareholders of the Company immediately
      prior to such transaction (or the first of a series of related transactions)
      receive in the transaction on a pro rata basis and own immediately after the
      transaction (or the last of a series of related transactions) 51% of more of
      the
      issued and outstanding shares of capital stock, or (b) a transfer by one or
      more
      shareholders, in one transfer or several related transfers (such as in response
      to a tender offer or in a collectively negotiated sale), of 51% or more of
      the
      Common Stock outstanding on the date of such transfer (or the first of such
      related transfers) to Persons, other than wholly-owned subsidiaries, who were
      not shareholders of the Company prior to the first such transfer. If you are
      terminated from your employment with the Company at any time without “Cause” (as
      defined below) or you elect to terminate your employment with the Company for
      “Good Reason” (as defined below), such termination will cause 100% of your then
      unvested options at the time of such termination to become vested as of the
      date
      of such termination. For purposes of the foregoing, “Cause” means (a) gross or
      willful misconduct; (b) violation of a Company policy which is materially
      detrimental to the Company, its businesses, customers or employees; (c) repeated
      failure to perform the duties of Chief Executive Officer as required by the
      Board of Directors, despite specific instructions to do so; (d) material
      misrepresentation or fraud; (e) misappropriation, theft or embezzlement of
      the
      Company’s or its subsidiaries’ property or assets; (f) misappropriation of the
      Company’s or its subsidiaries’ trade secrets or confidential information; (g)
      conviction of or entry of a plea of nolo contendere to any felony or a crime
      of
      moral turpitude; or (h) physical or mental disability such that you are not
      able
      to perform the essential functions of your position with or without reasonable
      accommodation for any consecutive period exceeding twenty-six (26) weeks, as
      documented by a licensed physician. For purposes of the foregoing, “Good Reason”
means a material diminution in the level of your duties or salary, or a material
      relocation of your principal place of employment, in each case without your
      written consent.”

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Letter
      to
      Jack L. Waterman

    Page
      3

    June
      1,
      2006

    

    

    The
      amended terms of your offer letter set forth above shall become effective as
      of
      June 1, 2006, when these terms have been agreed to and accepted by you as
      evidenced by your 

    signature
      below and return of the signed letter to the company’s COO or CLO. Except as
      explicitly amended by this letter, the original letter agreement of May 20,
      2006
      shall continue in full force and effect in accordance with its
      terms.

    

    

    VITALSTREAM
      HOLDINGS, INC.

    

    /s/
      Philip N. Kaplan

    

    

    Philip
      N.
      Kaplan

    President
      and Chief Operating Officer

    

    

    

    

      

      
        	
                Agreed
                  & Accepted:

              	
                Date

              
	 	 
	 	 
	
                /s/
                  Jack L. Waterman            

              	
                June
                  7, 2006

              
	
                Jack
                  L. WatermanQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.1.1  

 
 

FIRST AMENDMENT TO the
  SECOND AMENDED AND RESTATED CREDIT AGREEMENT    
    

        THIS FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), dated and effective
as of May 2, 2006 (the "Amendment Effective Date"), which amends that certain Second Amended and Restated Credit Agreement dated as of
March 30, 2006 by and among VENOCO, INC., a Delaware corporation (the "Company"), the Original Guarantors, each of the Lenders party
thereto, BANK OF MONTREAL, a Canadian chartered bank acting through certain of its U.S. branches or agencies, as Administrative Agent (in such capacity, the "Administrative
Agent"), CREDIT SUISSE, CAYMAN ISLANDS BRANCH, and LEHMAN COMMERCIAL PAPER INC., as Co-Syndication Agents and Co-Documentation Agents (as in
effect immediately prior to the Amendment Effective Date, the "Credit Agreement"), is by and among the Company, each of the Original Guarantors and each
of the TexCal Subsidiaries, as Guarantors, each of the Lenders party hereto and the Administrative Agent. 

        WHEREAS,
the Company has requested that the Credit Agreement be amended to allow FORTIS CAPITAL CORP., ALLIED IRISH BANKS P.L.C., AMEGY BANK NATIONAL ASSOCIATION, UNION BANK OF
CALIFORNIA, N.A. AND BANK OF OKLAHOMA, NATIONAL ASSOCIATION (collectively, the "New Lenders") to become "Lenders" party to the Credit Agreement, as set
forth herein; 

        WHEREAS,
the Company has requested that the Credit Agreement be amended to reflect the resignation of each of Credit Suisse, Cayman Islands Branch and Lehman Commercial Paper Inc.
as a Co-Documentation Agent under the Credit Agreement and to appoint Fortis Capital Corp. as Documentation Agent under the Credit Agreement, as set forth herein; 

        WHEREAS,
the Company has requested that the Credit Agreement be amended to make certain other changes to the Credit Agreement on the terms and conditions set forth in this Amendment; and 

        WHEREAS,
all of the Lenders (including the New Lenders) have agreed to such amendments subject to the terms and conditions set forth in this Amendment. 

        NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows. As used herein, the term "Current Lenders" means the
Lenders identified as the Current Lenders on Schedule I hereto. Capitalized terms used but not otherwise defined herein shall have the meanings
assigned such terms in the Credit Agreement. The rules of interpretation set forth in Section 1.2 of the Credit Agreement are incorporated in this Amendment as if set forth herein. 

        Section
1. Lender Transactions. 

        (a)   Each
Current Lender hereby sells, transfers and assigns to the other Current Lenders and the New Lenders, and each other Current Lender and each New Lender hereby
purchases, assumes and undertakes from such Current Lender, without recourse and without representation or warranty (except as provided in this Section 1) a percentage equal to the percentage
set forth opposite such Lender's name on Schedule I hereto under the column "Pro Rata Shares Purchased on the Amendment Effective Date" of
(i) the Maximum Loan Amount and the Loans of such Current Lender and (ii) all related rights, benefits, obligations, liabilities and indemnities of such Current Lender under and in
connection with the Credit Agreement, each Guaranty, the Mortgages, each other Security Document and the other Loan Documents and all Collateral and other security for the Obligations. 

        (b)   Upon
the effectiveness of this Amendment and by its execution and delivery hereof, each of the New Lenders shall be a party to the Credit Agreement, shall have all the
rights and obligations of a "Lender" under the Credit Agreement and the other Loan Documents as if each 

 

were
a signatory thereto, and shall agree, and does hereby agree, to be bound by the terms and conditions set forth in the Credit Agreement and the other Loan Documents to which the Lenders are a
party, in each case, as if each were a signatory thereto. 

        (c)   Each
of the New Lenders hereby represents and warrants as follows: (i) such New Lender has fully reviewed the terms of the Credit Agreement and the other Loan
Documents, copies of which, together with copies of the documents which were required to be delivered as a condition to the making of the initial Loans thereunder, have been delivered to such New
Lender by the Administrative Agent, and
such New Lender has independently and without reliance upon any other Lender or the Administrative Agent, and based on such information as such New Lender has deemed appropriate, made its own credit
analysis and decision to enter into this Amendment and (ii) if such New Lender is not incorporated, formed or organized under the laws of the United States of America or a state thereof, such
New Lender has contemporaneously herewith delivered to the Administrative Agent and the Company such documents as are required by the Credit Agreement. Each of the New Lenders hereby
(x) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to the
Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (y) agrees that it will perform in accordance with their terms all
of the obligations that by the terms of the Credit Agreement or any other Loan Document are required to be performed by it as a Lender. 

        (d)   Each
of the New Lenders and each of the Current Lenders hereby advise each other party hereto that its respective address for notices and its respective Lending
Office(s) shall be as set forth below its name on its respective signature page hereto. 

        (e)   Upon
the effectiveness of this Amendment and by its execution and delivery hereof, each of Credit Suisse, Cayman Islands Branch and Lehman Commercial Paper Inc.
shall resign as Co-Documentation Agent under the Credit Agreement and Fortis Capital Corp. shall become Documentation Agent under the Credit Agreement. 

        (f)    Renewal Notes. In furtherance of the foregoing transactions, the Company shall execute and deliver to each of the Lenders
its replacement promissory notes dated the Amendment Effective Date in the form of Annexes "A-1" through "A-8" attached hereto ("Renewal
Notes"). The principal amount of each Renewal Note delivered to each Lender shall equal such Lender's Maximum Loan Amount. The Renewal Notes shall, upon acceptance by
the Lenders, and as of the Amendment Effective Date constitute replacements and substitutions for the Notes delivered pursuant to the Credit Agreement. All references in the Credit Agreement and the
other Loan Documents to the Notes shall, from and after the Amendment Effective Date, be deemed to refer to the Renewal Notes, the same as if such Renewal Notes were the Notes defined, described and
referred to in the Credit Agreement. 

        (g)   As
a result of the transactions effected by this Section 1 and after giving effect to the other agreements set forth in this Amendment, upon effectiveness of this
Amendment, for purposes of Section 2.1(a) of the Credit Agreement, as amended hereby and for all other purposes of the Credit Agreement, as amended hereby, each Lender's Maximum Loan
Amount and Pro Rata Share shall be as set forth in Schedule I hereto. 

        Section 2.
Amendments. The Credit Agreement is hereby amended as follows: 

        (a)   The
definition of "Change of Control" is amended and restated to read in its entirety as follows: 

        "Change of Control" means (a) a purchase or acquisition, directly or indirectly, by any "person" or "group" within the meaning of
Section 13(d)(3) and 14(d)(2) of the Exchange Act (a "Group"), other than a Permitted Holder, of "beneficial ownership" (as such
term is 

2

 

defined
in Rule 13d-3 under the Exchange Act) of securities of the Company which, together with any securities owned beneficially by any "affiliates" or "associates" of such Group
(as such terms are defined in Rule 12b-2 under the Exchange Act), shall represent more than (i) fifty percent (50%) or (ii) after a Qualifying IPO, thirty percent
(30%), in the case of (i) or (ii), of the combined voting power of the Company's securities which are entitled to vote generally in the election of directors and which are outstanding on the
date immediately prior to the date of such purchase or acquisition; provided, however, that no such "Change of Control" under clause (a)(ii) of this definition of "Change of Control"
shall be deemed to have occurred after a Qualifying IPO, if, and for so long as, Permitted Holders have "beneficial ownership" (as such term is defined in Rule 13d-3 under the
Exchange Act) of more than fifty percent (50%) of the combined voting power of the Company's securities which are entitled to vote generally in the election of directors and which are outstanding on
the date of determination; (b) a sale of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person or Group; (c) the liquidation or
dissolution of the Company; or (d) the first day on which a majority of the Board of Directors of the Company are not Continuing Directors (as herein defined). As herein defined,
"Continuing Directors" means any member of the Board of Directors of the Company who (x) is a member of such Board of Directors as of the
Effective Date or (y) was nominated for election or elected to such Board of Directors with the affirmative vote of two-thirds of the Continuing Directors who were members of such
Board of Directors at the time of such nomination or election. 

        (b)   The
definition of "Commitment Letter" is hereby amended by replacing the period at the end of such definition with the phrase "", as amended, restated, supplemented or
otherwise modified from time to time.". 

        (c)   The
definition of "Fee Letter Agreement" is hereby amended by replacing the period at the end of such definition with the phrase "", as amended, restated, supplemented
or otherwise modified from time to time.". 

        (d)   The
following new definition of "Optionee Payment" is hereby inserted into the Credit Agreement in the appropriate alphabetical order: 

        "Optionee Payment" means cash bonus payments in the aggregate amount not to exceed $1,500,000 that certain existing holders of options
outstanding under the Company's 2000 Stock Incentive Plan are
entitled to receive upon the declaration and payment of any dividends paid by the Company on its common stock (including the non-cash dividends described on Schedule 8.6)." 

        (e)   The
definition of "Second Lien Debt Documents" is hereby amended and restated to read in its entirety as follows: 

        "Second Lien Debt Documents" means each of the Second Lien Loan Documents and the Senior Note Debt Documents." 

        (f)    The
definition of "Second Lien Debt Instruments" is hereby amended and restated to read in its entirety as follows: 

        "Second Lien Debt Instruments" means each of the Second Lien Term Loan Agreement and the Senior Notes Indenture." 

        (g)   The
definition of "Second Lien Term Loan Agreement" is hereby amended and restated to read in its entirety as follows: 

        "Second Lien Term Loan Agreement" means the Amended and Restated Term Loan Agreement among the Company, the Guarantors party thereto, the
several lenders from time 

3

 

to
time party thereto, Credit Suisse, Cayman Islands Branch, as Administrative Agent, Credit Suisse Securities (USA) LLC and Lehman Brothers Inc., as Joint Lead Arrangers, Harris Nesbitt Corp.,
as Co-Arranger and Lehman Brothers Inc., as Syndication Agent, dated as of April 28, 2006, which amends and restates that certain Term Loan Agreement dated as of the
Effective Date, as such may be further amended, restated, supplemented or otherwise modified in accordance with the terms hereof. 

        (h)   Section 2.8(b) is
hereby amended and restated to read in its entirety as follows: 

"(b) Letter of Credit Fees. The Company agrees to pay (i) to the Administrative Agent for the account of the Lenders a Letter of Credit
fee for each Letter of Credit, due and payable quarterly on the first day of the month following the last Business Day of each quarter and at the Termination Date, in arrears from the date of Issuance
in an amount per annum equal to the product equal to the Letter of Credit
Rate set forth on the Pricing Grid multiplied by the aggregate amount available under each Letter of Credit from the date of Issuance thereof to the date on which such Letter of Credit expires or is
terminated (such fees shall be prorated for any period less than a full year but shall not be refunded in the event any such Letter of Credit is terminated prior to its expiry date), (ii) to
the Issuing Lender for its account a fee, due and payable quarterly on the first day of the month following the last Business Day of each quarter and at the Termination Date, for the Issuance of each
Letter of Credit in an amount per annum (calculated on the basis of a year of 360 days) equal to 0.00125 multiplied by the aggregate amount available under each Letter of Credit from the date
of Issuance thereof to the date on which such Letter of Credit expires or is terminated (such fees shall be prorated for any period less than a full year but shall not be refunded in the event any
such Letter of Credit is terminated prior to its expiry date) and (iii) to the Issuing Lender, for its account on demand its customary letter of credit transactional fees and
out-of-pocket expenses for each Letter of Credit Issued by it, including amendment fees, payable with respect to each such Letter of Credit. The Administrative Agent shall pay
to each Lender its pro-rata share of the Letter of Credit fees paid pursuant to this Section 2.8(b)(i). The Administrative Agent shall pay to the Issuing Lender the Letter of Credit
fees paid pursuant to this Section 2.8(b)(ii) and (iii)." 

        (i)    Section 6.11
is hereby amended by replacing the phrase "December 31, 2005" contained therein with the phrase "December 31, 2005, as amended through
April 28, 2006". 

        (j)    The
introduction to Article VII is hereby amended by deleting the phrase "unless the Lenders waive compliance in writing" contained therein. 

        (k)   Section 7.1(a) is
hereby amended by replacing the phrase "Required Lenders" contained therein with the phrase "Administrative Agent". 

        (l)    Section 7.2(c) is
hereby amended by (i) replacing the phrase "the Lenders" contained therein with the phrase "the Administrative Agent" and
(ii) replacing the phrase "acceptable to the Administrative Agent and the Required Lenders in their sole discretion" contained therein with the phrase "reasonably acceptable to the
Administrative Agent" 

        (m)  Section 7.2(d) is
hereby amended by replacing the phrase "Lenders" contained therein with the phrase "Administrative Agent, at the request of any Lender". 

        (n)   Section 7.13
is hereby amended by replacing the phrase "and (v)" contained therein with the phrase "(v) the acquisition of the real Property described in
Section 8.2(g) for a cash purchase price not to exceed $300,000; and (vi)". 

4

 

        (o)   The
introduction to Article VIII is hereby amended by deleting the phrase "unless the Lenders waive compliance in writing" contained therein. 

        (p)   Section 8.2(g) is
hereby amended and restated to read in its entirety as follows: 

"(g) the
Disposition of a 50% undivided interest in approximately ten acres of real Property located in Carpinteria, California, which interest may hereafter be acquired by the Company from
ExxonMobil Corporation or an Affiliate thereof; or" 

        (q)   Section 8.4(f) is
hereby amended by (i) replacing the word "process" contained therein with the word "processing" and (ii) replacing the
phrase "", which do not in any case," contained therein with the phrase "that do not, in any case, (x) constitute an investment in any state law partnership or other Person or (y)". 

        (r)   Section 8.4(i) is
hereby amended by deleting the phrase "solely to finance capital expenditures and expenditures mandated by applicable Requirements of
Law" contained therein. 

        (s)   Section 8.5(e) is
hereby amended and restated to read in its entirety as follows: 

"(e) in
addition to the Indebtedness otherwise permitted under this Section 8.5, Indebtedness described in the definition thereof of the Loan Parties not to exceed $5,000,000 in the
aggregate at any time outstanding; and" 

        (t)    Section 8.6
is hereby amended by replacing the phrase "Except as set forth on Schedule 8.6" contained therein with the phrase "Except as set forth on
Schedule 8.6 and for the Optionee Payment". 

        (u)   Section 8.8(f) is
hereby amended and restated to read in its entirety as follows: 

"(f) Guaranty
Obligations of the Guarantors under or in respect of (i) the Second Lien Debt Documents and (ii) Indebtedness incurred pursuant to Section 8.5(e)." 

        (v)   Section 8.9(i) is
hereby amended and restated to read in its entirety as follows: 

"(i) purchase,
redeem or otherwise acquire for value any of its Capital Stock, now or hereafter outstanding from the holders thereof (other than from such holders that are Loan Parties);" 

        (w)  Section 8.9(ii) is
hereby amended and restated to read in its entirety as follows: 

"(ii) declare
or pay any distribution, dividend or return capital to its members, partners or stockholders or holders of warrants, rights or options to acquire its membership interests,
partnership interests or shares (other than to such Persons that are Loan Parties), or make any distribution of assets in cash or in kind to its members, partners, stockholders or holders of warrants,
rights or options to acquire its membership interests, partnership interests or shares (other than to such Persons that are Loan Parties);" 

        (x)   Section 8.10(a)(ii) is
hereby amended by replacing the phrase "Required Lenders" contained therein with the phrase "Administrative Agent". 

        (y)   Section 8.11
is hereby amended by replacing the word "transferred" in the two places in which such word appears in such Section, in each case, with the phrase
"transferred (excluding transfers effected by means of dividends of Property or Capital Stock permitted hereunder)". 

        Section 3.  Amendment and Ratification. Upon the effectiveness hereof as provided in Section 4 of this Amendment, this
Amendment shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as modified hereby, is hereby ratified, approved and confirmed to be in full force and effect in each
and every respect. Except as expressly provided by the amendments set forth in Section 2 of this Amendment, the execution, delivery and effectiveness of this Amendment shall neither operate as
a waiver of any right, power or remedy of any Lender or any Agent, nor constitute a waiver 

5

 

of
any provision of any of the Loan Documents. All references to the Credit Agreement in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement
as amended hereby. 

        Section
4. Conditions to Effectiveness. The effectiveness of this Amendment is subject to the condition that, on or before the Amendment
Effective Date, the Administrative Agent shall have received all of
the following, in form and substance satisfactory to the Administrative Agent and each Lender (including each New Lender), and in sufficient copies for each Lender (including each New Lender): 

        (a)   Amendment. This Amendment, duly executed and delivered by each of the Company and the Guarantors; 

        (b)   Resolutions; Incumbency; Organization Documents. (i) Resolutions of the board of directors of the Company and
members or the board of directors of each Guarantor or its general partner, as applicable, authorizing this Amendment, certified as of the Amendment Effective Date by the Secretary or an Assistant
Secretary of such Person; (ii) certificates of the Secretary of the Company and the Secretary of each Guarantor certifying the names and true signatures of the officers of such Person
authorized to execute, deliver and perform, as applicable, this Amendment; and (iii) the Organization Documents of the Company and of each Guarantor as in effect on the Amendment Effective
Date, certified by the Secretary or Assistant Secretary of the such Person as of the Amendment Effective Date; 

        (c)   Payment of Fees. Evidence of payment by the Company of all accrued and unpaid fees, costs and expenses owed pursuant to
the Credit Agreement or this Amendment, including the Fee Letter Agreement, in each case to the extent then due and payable at the Amendment Effective Date, including any such costs, fees and expenses
arising under or referenced in Sections 2.8 and 11.4 of the Credit Agreement; 

        (d)   Certificate. A certificate signed by a Responsible Officer, dated as of the Amendment Effective Date, stating that
(i) the representations and warranties contained in Article VI and Section 4.5(b) of the Credit Agreement are true and correct on and as of the Amendment Effective Date, as
though made on and as of such date; (ii) no litigation is pending or threatened against the Company or any Subsidiary in which there is a reasonable probability of an adverse decision which
would result in a Material Adverse Effect; and (iii) there has occurred no event or circumstance that has resulted or would reasonably be expected to result in a Material Adverse Effect since
December 31, 2004; and 

        (e)   Other Documents. Such other approvals, opinions, documents or materials as the Administrative Agent or any Lender
(including any New Lender) may reasonably request. 

        Section 5.
Representations and Warranties. The Company and each Guarantor hereby represents and warrants that, as of the Amendment
Effective Date, after giving effect to this Amendment: 

        (a)   Bring-Down of Representations and Warranties. The representations and warranties of the Company and each
Guarantor contained in Article VI and Section 4.5(b) of the Credit Agreement are true and correct on and as of the Amendment Effective Date, as though made on and as of such date. 

        (b)   No Litigation. No litigation is pending or threatened against the Company or any Subsidiary in which there is a
reasonable probability of an adverse decision which would result in a Material Adverse Effect. 

        (c)   No Material Adverse Effect. There has occurred no event or circumstance that has resulted or would reasonably be expected
to result in a Material Adverse Effect since December 31, 2004. 

6

 

        (d)   No Default or Event of Default. No event has occurred and is continuing which constitutes a Default, an Event of Default
or both. 

        Section
6. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

        Section
7. Costs and Expenses. The Company shall pay all reasonable costs and expenses incurred by the Administrative Agent or any other
Agent, the Lenders or any of their Affiliates in connection with the development, preparation, administration and execution of this Amendment, including Attorney Costs incurred by any such Person with
respect thereto. 

        Section
8. Counterparts. This Amendment may be executed in any number of separate counterparts, no one of which need be signed by all
parties; each of which, when so executed, shall be deemed an original, and all of such counterparts taken together shall be deemed to constitute but one and the same instrument. A fully executed
counterpart of this Amendment by facsimile signatures shall be binding upon the parties hereto. 

[Signature Pages Follow]

7

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the date first set forth above, to
be effective as of the Amendment Effective Date. 

	

 	
 	
COMPANY:
	
 	
 	
VENOCO, INC.
	
 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	
GUARANTORS:
	
 	
 	
WHITTIER PIPELINE CORPORATION
	
 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

President
	

 	
 	
BMC, LTD.
	
 	
 	

By:	
 	

Venoco, Inc., General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	
TEXCAL ENERGY (LP) LLC
	
 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	
TEXCAL ENERGY (GP) LLC
	
 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	 	 	 	 	 	 	 

8

 

	

 	
 	
GUARANTORS:
	
 	
 	
TEXCAL ENERGY NORTH CAL L.P.
	
 	
 	

By:	
 	

TEXCAL ENERGY (GP) LLC, as general partner
	

 	
 	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	
TEXCAL ENERGY SOUTH CAL L.P.
	
 	
 	

By:	
 	

TEXCAL ENERGY (GP) LLC, as general partner
	

 	
 	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	
TEXCAL ENERGY SOUTH TEXAS L.P.
	
 	
 	

By:	
 	

TEXCAL ENERGY (GP) LLC, as general partner
	

 	
 	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	

Address for Notice to the Company and the Guarantors:

Principal Place of Business

and Chief Executive Office:
	

 	
 	

 	
 	

370 17th Street, Suite 2950

Denver, Colorado 80202-1370

Attention: Chief Financial Officer

Facsimile No.: (303) 626-8315

9

 

	

 	
 	
ADMINISTRATIVE AGENT AND A LENDER:
	

 	
 	

BANK OF MONTREAL, acting through its U.S. branches and agencies, including its Chicago, Illinois branch, as Administrative Agent and as a Lender
	

 	
 	

By:	
 	

/s/  JOSEPH A. BLISS      
 Joseph A. Bliss

Director
	

 	

 	

Address:	

 	

115 South LaSalle Street

11th Floor West

Chicago, Illinois 60603
	

 	
 	

Facsimile No.:	
 	

(312) 765-8078
	

 	
 	

Attention:	
 	

Terri Perez-Ford, Specialist
	

 	
 	

with copy to:	
 	

 
	

 	
 	

Address:	
 	

Bank of Montreal

Houston Agency

700 Louisiana Street

4400 Bank of America Center

Houston, Texas 77002
	

 	
 	

Facsimile No.:	
 	

(713) 223-4007
	

 	
 	

Attention:	
 	

Joseph A. Bliss
	

 	
 	

Applicable Lending Office

for Base Rate Loans and

LIBO Rate Loans:
	

 	
 	

Address:	
 	

115 South LaSalle Street,

11th Floor West

Chicago, Illinois 60603
	

 	
 	

Facsimile No.:	
 	

(312) 765-8078
	

 	
 	

Attention:	
 	

Terri Perez-Ford, Specialist
	 	 	 	 	 	 	 

10

 

	

 	

 	

 CO-SYNDICATION AGENT AND A LENDER
	

 	
 	

CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	
 	
 	

By:	
 	

/s/  VANESSA GOMEZ      
 Name: Vanessa Gomez

Title: Vice President
	

 	
 	

By:	
 	

/s/  GREGORY E. RICHARDS      
 Name: Gregory E. Richards

Title: Associate
	

 	

 	

Address:	

 	

Eleven Madison Avenue

New York, NY 10010
	

 	
 	

Facsimile No.1:

Facsimile No.2:	
 	

(212) 448-3755

(212) 322-0419
	

 	
 	

Attention:	
 	

Vanessa Gomez
	

 	
 	

with copy to:
	

 	
 	

Address:	
 	

Credit Suisse

Transaction Management Group

Eleven Madison Avenue

New York, NY 10010
	

 	
 	

Facsimile No.:	
 	

(212) 743-2375
	

 	
 	

Attention:	
 	

Lillian Cortes
	

 	

 	

 CO-SYNDICATION AGENT AND A LENDER
	

 	
 	

LEHMAN COMMERCIAL PAPER INC.
	
 	
 	

By:	
 	

/s/  JEFF OGDEN      
 Name: Jeff Ogden

Title: Managing Director
	

 	

 	

Address:	

 	

745 7th Avenue, 5th Floor

New York, NY 10019
	

 	
 	

Facsimile No.:	
 	

646-758-1986
	

 	
 	

Attention:	
 	

Frank Turner
	

 	
 	

with a copy to:
	

 	
 	

Address:	
 	

745 7th Avenue, 5th Floor

New York, NY 10019
	

 	
 	

Facsimile No.:	
 	

212-520-0450
	

 	
 	

Attention:	
 	

Cindy Eng
	 	 	 	 	 	 	 

11

 

	

 	

 	

 A LENDER
	

 	
 	

FORTIS CAPITAL CORP.
	
 	
 	

By:	
 	

/s/  DAVID MONTGOMERY      
 Name: David Montgomery

Title: Senior Vice President
	

 	
 	

By:	
 	

/s/  TROND ROKHOLT      
 Name: Trond Rokholt

Title: Managing Director
	

 	

 	

Address for Notices:
	

 	
 	

Address:	
 	

15455 North Dallas Parkway,

Suite 1400

Addision, Texas 75001
	

 	
 	

Facsimile No.:	
 	

(203) 705-5898
	

 	
 	

Attention:	
 	

Sharon D. Hill-Bryant
	

 	

 	

 A LENDER
	

 	
 	

ALLIED IRISH BANKS P.L.C.
	
 	
 	

By:	
 	

/s/  MARK CONNELLY      
 Name: Mark Connelly

Title: Vice President
	

 	
 	

By:	
 	

/s/  AIDAN LANIGAN      
 Name: Aidan Lanigan

Title: Vice President
	

 	

 	

Address for Notices:
	

 	
 	

Address:	
 	

405 Park Avenue, 4th Floor

New York, NY 10022
	

 	
 	

Facsimile No.:	
 	

(212) 339-8325
	

 	
 	

Attention:	
 	

Mark Connelly
	

 	
 	

with a copy to:
	

 	
 	

Address:	
 	

405 Park Avenue, 4th Floor

New York, NY 10022
	

 	
 	

Facsimile No.:	
 	

(212) 339-8325
	

 	
 	

Attention:	
 	

Bridget Doyle
	 	 	 	 	 	 	 

12

 

	

 	

 	

 A LENDER
	

 	
 	

AMEGY BANK NATIONAL ASSOCIATION
	
 	
 	

By:	
 	

/s/  TRACY T. BUTZ      
 Name: Tracy T. Butz

Title: Vice President
	

 	

 	

Address for Notices:
	

 	
 	

Address:	
 	

4400 Post Oak Parkway #404

Houston, TX 77027
	

 	
 	

Facsimile No.:	
 	

(713) 561-0345
	

 	
 	

Attention:	
 	

W. Bryan Chapman
	

 	
 	

with a copy to:
	

 	
 	

Address:	
 	

P.O. Box 27459

Houston, TX 77227
	

 	
 	

Facsimile No.:	
 	

(713) 639-7467
	

 	
 	

Attention:	
 	

Dana Chargois
	

 	

 	

 A LENDER
	

 	
 	

UNION BANK OF CALIFORNIA, N.A.
	
 	
 	

By:	
 	

/s/  KIMBERLY COLL      
 Name: Kimberly Coll

Title: Vice President
	

 	

 	

Address for Notices:
	

 	
 	

Address:	
 	

600 N. Akard, Suite 4200

Dallas, TX 75201
	

 	
 	

Facsimile No.:	
 	

(214) 922-4209
	

 	
 	

Attention:	
 	

Kimberly Coil
	

 	
 	

with a copy to:
	

 	
 	

Address:	
 	

1980 Saturn Street,

Mail Code V01-120

Monterey Park, CA 91755
	

 	
 	

Facsimile No. 1:

Facsimile No. 2:	
 	

(323) 720-2251

(323) 720-2252
	

 	
 	

Attention:	
 	

Silvia Cruz
	 	 	 	 	 	 	 

13

 

	

 	

 	

 A LENDER
	

 	
 	

BANK OF OKLAHOMA,

NATIONAL ASSOCIATION
	
 	
 	

By:	
 	

/s/  ALLEN RHEEM      
 Name: Allen Rheem

Title: Vice President
	

 	

 	

Address for Notices:
	

 	
 	

Address:	
 	

1625 Broadway, Suite 1570

Denver, CO 80202
	

 	
 	

Facsimile No.:	
 	

303-534-9499
	

 	
 	

Attention:	
 	

Allen Rheem

14

QuickLinks

FIRST AMENDMENT TO the SECOND AMENDED AND RESTATED CREDIT AGREEMENT

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