Document:

FIRST AMENDMENT TO THE CREDIT AGREEMENT

THIS FIRST AMENDMENT TO THE CREDIT AGREEMENT (this “Amendment”), dated as of July 10, 2008 among Black Hills Corporation, a South Dakota corporation (“Borrower”), ABN AMRO Bank N.V., in its capacity as agent for the Banks under the Credit Agreement described below (in such capacity, the “Administrative Agent”), and as a Bank, and the other Banks party hereto.

WITNESSETH THAT:

WHEREAS, the Borrower, Administrative Agent and the Banks have entered into that certain Credit Agreement dated as of May 7, 2007 (as the same may be further amended, modified or restated prior to the effectiveness hereof, the “Credit Agreement”); and

WHEREAS, the Borrower desires to amend certain terms of the Credit Agreement, as set forth below; and

WHEREAS, the Administrative Agent and the Required Banks are willing, subject to the terms hereof, to so amend the Credit Agreement.

NOW, THEREFORE, in consideration of the recitals set forth above and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.  Definitions.  All capitalized terms used but not otherwise defined in this Amendment shall have the meaning ascribed to them in the Credit Agreement.  Unless otherwise specified, all section references herein refer to sections of the Credit Agreement.

Section 2.  Amendments to Credit Agreement.  

Effective upon the satisfaction of each of the conditions precedent set forth in Section 4 below, the Credit Agreement is hereby amended as follows: 

	
             
 	
            effective as of the date hereof, the Credit Agreement is hereby amended as follows:
 

 (A)      The term “$300,000,000” appearing in the definition of “Marketing Subsidiary Excluded Credit Facilities” in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and the term “$400,000,000” is hereby substituted therefor:

(B)      Section 7.9 of the Credit Agreement shall be amended by deleting the term “and” appearing at the end of Section 7.9(n), deleting the term “.” at the end of Section 7.9(o) and substituting the term “;” therefor, and inserting the following language as new Sections 7.9(p) and 7.9(q), respectively:

“(p)     Liens (i) of a collecting bank arising under the UCC on items in the course of collection, (ii) in favor of a banking institution arising as a matter of law, or which arise under the documents governing the deposit relationship, encumbering deposits (including the right of set-off, charge-back rights, and refund rights) and which are within 

 

CHI02_60652994_209611_00011

the general parameters customary in the banking industry, or (iii) encumbering customary deposits and margin deposits and other Liens attaching to brokerage accounts or arising under or in connection with Derivative Arrangements or Derivative Obligations, in each case incurred in the ordinary course of business; and"

“(q)     Other Liens made in the ordinary course of business of Borrower or its Subsidiaries so long as the aggregate amount of Indebtedness or other obligations secured by such Liens does not exceed, in the aggregate, $25,000,000."

Section 3.  Ratification.  The Borrower hereby ratifies, acknowledges, affirms and reconfirms its rights, interests and obligations under each Credit Document, as amended hereby,  and agrees to perform each of its obligations thereunder as and when required.  By executing this Amendment, the Borrower hereby further ratifies, acknowledges, affirms and reconfirms that each Credit Document, as amended hereby, constitutes a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, and that each such Credit Document, as amended hereby, is in full force and effect.

 

Section 4.  Conditions.  The effectiveness of this Amendment is subject to the following conditions precedent:

 

Section 4.1  The Borrower, the Administrative Agent and the Required Banks shall have executed and delivered this Amendment, and the Borrower shall have executed and/or delivered such other documents and instruments as Administrative Agent may reasonably require to effectuate the terms of this Amendment.

 

Section 4.2  Borrower shall have paid to each of the Banks executing and delivering this Amendment on or prior to the date hereof, for such Bank’s own account, a fully-earned, non-refundable amendment fee in an amount equal to [__]% multiplied by such Lender’s Percentage, in immediately available funds.

 

Section  4.3      The representations and warranties set forth in Section 5 of this Amendment shall be true and correct.

 

Section 4.4  All proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto shall be reasonably satisfactory to the Administrative Agent and its legal counsel.

 

Section 5.  Representations and Warranties.    To induce the Administrative Agent and the Banks party hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Banks that (i) the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of the Borrower and that this Amendment has been duly executed and delivered by the Borrower and this Amendment and the Credit Agreement, as amended hereby, constitutes valid and binding obligations of the Borrower enforceable in accordance with its terms, (ii) no Default or Event of Default (after giving effect to this Amendment) has occurred and is continuing under the Credit Agreement or would result from the execution and delivery of this Amendment, and (iii) each of 

 

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the representations and warranties set forth in Section 5 of the Credit Agreement, as amended hereby, is true and correct in all material respects as of the date hereof, except that if any such representation or warranty (x) relates solely to an earlier date it need only remain true in all material respects as of such date, or (y) is already qualified by materiality, in which case it shall be true and correct in all respects.

 

Section 6.  Severability.   Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

 

Section 7.  References.  Any reference to the Credit Agreement contained in any document, instrument or agreement executed in connection with the Credit Agreement shall be deemed to be a reference to the Credit Agreement as modified by this Amendment.  

 

Section 8.  Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same instrument.  This Amendment may also be executed by facsimile or electronic means and each facsimile or electronic signature hereto shall be deemed for all purposes to be an original signatory page.

 

Section 9.  Costs.  The Borrower agrees to pay on demand all reasonable costs and expenses incurred by the Administrative Agent (including fees and expenses of counsel) incurred in connection with the negotiation and preparation of this Amendment.

 

Section  10.     Governing Law.  The validity and interpretation of this Amendment and the terms and conditions set forth herein, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any provisions relating to conflict of laws other than section 5-1401 of the New York General Obligations Laws.

 

Section 11.      Miscellaneous.  This Amendment shall be deemed to be a Credit Document.

 

- Remainder of page left blank; signature pages follow -

 

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In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered in New York, New York by their duly authorized officers as of the day and year first above written.

 

BLACK HILLS CORPORATION, a South Dakota corporation

 

	
             
 	
            By:
 	
            /s/ David R. Emery
 

	
             
 	
            Name:
 	
            David R. Emery
 

	
             
 	
            Title:
 	
            President & CEO
 

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered in New York, New York by their duly authorized officers as of the day and year first above written.

 

The Bank of Nova Scotia

 

	
             
 	
            By:
 	
            /s/ Jim Trimble
 

	
             
 	
            Name:
 	
            Jim Trimble
 

	
             
 	
            Title:
 	
            Managing Director
 

 

 

Mizuho Corporate Bank, Ltd.

 

	
             
 	
            By:
 	
            /s/ Leon Mo
 

	
             
 	
            Name:
 	
            Leon Mo
 

	
             
 	
            Title:
 	
            Senior Vice President
 

 

 

Credit Suisse, Cayman Islands Branch

 

	
             
 	
            By:
 	
            /s/ James Moran
 

	
             
 	
            Name:
 	
            James Moran
 

	
             
 	
            Title:
 	
            Managing Director
 

 

	
             
 	
            By:
 	
            /s/ Nupur Kumar
 

	
             
 	
            Name:
 	
            Nupur Kumar
 

	
             
 	
            Title:
 	
            Associate
 

 

 

U.S. Bank National Association

 

	
             
 	
            By:
 	
            /s/ Christine Dean
 

	
             
 	
            Name:
 	
            Christine Dean
 

	
             
 	
            Title:
 	
            Vice President
 

 

 

BMO Capital Markets Financing, Inc.

 

	
             
 	
            By:
 	
            /s/ Gumaro Tijerina
 

	
             
 	
            Name:
 	
            Gumaro Tijerina
 

	
             
 	
            Title:
 	
            Vice President
 

 

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered in New York, New York by their duly authorized officers as of the day and year first above written.

 

BAYERISCHE LANDESBANK

 

	
             
 	
            By:
 	
            /s/ John Gregory
 

	
             
 	
            Name:
 	
            John Gregory
 

	
             
 	
            Title:
 	
            First Vice President
 

 

	
             
 	
            By:
 	
            /s/ Nikolal von Mengden
 

	
             
 	
            Name:
 	
            Nikolal von Mengden
 

	
             
 	
            Title:
 	
            Senior Vice President
 

 

 

ABN AMRO Bank N.V.

 

	
             
 	
            By:
 	
            /s/ Charles F. Randolph
 

	
             
 	
            Name:
 	
            Charles F. Randolph
 

	
             
 	
            Title:
 	
            Managing Director
 

 

	
             
 	
            By:
 	
            /s/ Kris A. Grosshans
 

	
             
 	
            Name:
 	
            Kris A. Grosshans
 

	
             
 	
            Title:
 	
            Managing Director
 

 

 

UNION BANK OF CALIFORNIA, N.A.

 

	
             
 	
            By:
 	
            /s/ Robert J. Cole
 

	
             
 	
            Name:
 	
            Robert J. Cole
 

	
             
 	
            Title:
 	
            Vice President
 

 

 

COBANK, ACB

 

	
             
 	
            By:
 	
            /s/ Brent R. Knight
 

	
             
 	
            Name:
 	
            Brent R. Knight
 

	
             
 	
            Title:
 	
            Vice President<U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Exhibit 4.1</P>
</U><P ALIGN="CENTER">SPECIMEN STOCK CERTIFICATE</P>
<P ALIGN="JUSTIFY"></P>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="125" valign="top" style="width:1.3in;border:none;border-bottom:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="center" style="text-align:center"><font size="2">
		NUMBER<br>
		XXX</font></td>
		<td width="422" colspan="2" valign="top" style="width:4.4in;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="center" style="text-align:center"><font size="1">
		INCORPORATED IN NEVADA</font><b><font size="1"><br>
		</font><font size="4">Santos Resource Corp.</font></b></td>
		<td width="125" valign="top" style="width:1.3in;border:none;border-bottom:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="center" style="text-align:center"><font size="2">
		SHARES<br>
		*** XXXX ***</font></td>
	</tr>
	<tr>
		<td width="125" valign="top" style="width:1.3in;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="center" style="text-align:center">&nbsp;</td>
		<td width="211" valign="top" style="width:2.2in;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="right" style="text-align:right"><b><font size="1">
		Authorized Common Stock:<br>
		Par Value:</font></b></td>
		<td width="211" valign="top" style="width:2.2in;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="left" style="text-align:left"><font size="2">
		75,000,000 <br>
		$.001</font></td>
		<td width="125" valign="top" style="width:1.3in;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="center" style="text-align:center">&nbsp;</td>
	</tr>
</table>
</div>
<P ALIGN="JUSTIFY"></P></FONT>

<FONT FACE="Arial" SIZE=2><P>&nbsp;</P>
<P>THIS CERTIFIES THAT   <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*** Sample Name ***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</P>
</U><P>IS THE REGISTERED HOLDER OF <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *** XXXX ***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;</P>
</U><P>fully paid and non-assessable shares of common stock in the Capital of the above named Corporation transferable on the books of the Corporation by the registered holder hereof in person or by duly authorized Attorney upon surrender of this Certificate properly endorsed and assigned.  This certificate and the shares represented hereby are subject to the laws of the State of Nevada, and to the Articles of Incorporation and Bylaws of the Corporation, as now or hereafter amended.  </P>
<P ALIGN="JUSTIFY">IN WITNESS WHEREOF, the Corporation has caused this Certificate to be signed on its behalf by the facsimile signatures of its duly authorized officers. </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=676>
<TR><TD WIDTH="29%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><BR>
<BR>
<BR>
<BR>
</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Issued on: [Date]<BR>
<BR>
<BR>
<BR>
_____________________________<BR>
President</P>
<P ALIGN="JUSTIFY"><BR>
<BR>
_____________________________<BR>
Secretary</FONT></TD>
<TD WIDTH="37%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2>
<hr noshade color="#808080"><p Style='page-break-before:always'>
&nbsp;<P ALIGN="CENTER">[BACK OF SHARE CERTIFICATE]</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
	<tr>
		<td width="100%" colspan="4" valign="top" style="width:100.0%;border:solid windowtext .5pt;
  border-bottom:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP"><font size="1">The following abbreviations, when used in
		the inscription on the face of this certificate, shall be construed as
		though they were written out in full according to applicable laws or
		regulations. </font></td>
	</tr>
	<tr>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-left:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="top" style="width:28.58%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP"><font size="1">TEN COM&nbsp;&nbsp; </font></td>
		<td width="57%" valign="top" style="width:57.14%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP"><font size="1">-&nbsp; as tenants in common&nbsp;&nbsp; </font></td>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP"><font size="1">&nbsp;</font></td>
	</tr>
	<tr>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-left:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="top" style="width:28.58%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">TEN ENT&nbsp;&nbsp; </font>
		</td>
		<td width="57%" valign="top" style="width:57.14%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">-&nbsp; as tenants by the
		entireties&nbsp;&nbsp; </font></td>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
	</tr>
	<tr>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-left:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="top" style="width:28.58%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">JT TEN </font></td>
		<td width="57%" valign="top" style="width:57.14%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">- as joint tenants
		with the right of survivorship and not as tenants in common </font></td>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
	</tr>
	<tr>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-left:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="left" style="margin-top:0in;text-align:left">
		<font size="1">&nbsp;</font></td>
		<td width="28%" valign="top" style="width:28.58%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="left" style="margin-top:0in;text-align:left">
		<font size="1">(Name) CUST (Name) UNIF GIFT MIN ACT (State) </font></td>
		<td width="57%" valign="top" style="width:57.14%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">- (Name) as
		Custodian for (Name) under the (State) uniform Gifts to Minors Act</font></td>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
	</tr>
	<tr>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-left:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="left" style="margin-top:0in;text-align:left">
		<font size="1">&nbsp;</font></td>
		<td width="28%" valign="top" style="width:28.58%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" align="left" style="margin-top:0in;text-align:left">
		<font size="1">In the case of an individual assignee, show at least one
		given name in full</font></td>
		<td width="57%" valign="top" style="width:57.14%;border:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
		<td width="7%" valign="top" style="width:7.14%;border:none;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-top:0in"><font size="1">&nbsp;</font></td>
	</tr>
	<tr>
		<td width="100%" colspan="4" valign="top" style="width:100.0%;border:solid windowtext .5pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt">
		<p class="SP" style="margin-bottom:12.0pt"><font size="1">Additional
		abbreviations may also be used though not in the above list. </font>
		</td>
	</tr>
</table>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>

<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=676>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>PLEASE INSERT SOCIAL INSURANCE NUMBER,<BR>
SOCIAL SECURITY NUMBER, OR OTHER<BR>
IDENTIFYING NUMBER OF TRANSFEREE</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P><BR>
S.I.N./S.S.N. ______________________________</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________________________________________________________________________________________________<BR>
Please print or typewrite name and address (including postal code or zip code, as applicable) of transferee</P>
<P ALIGN="JUSTIFY">_______________________________________________ shares registered in the name of the undersigned on the books of the Corporation named on the face of this certificate and represented hereby, and irrevocably constitutes and appoints a duly authorized officer of the transfer agent and registrar as the attorney of the undersigned to transfer the said shares on the register of transfers and books of the Corporation with full power of substitution hereunder.</P>
</FONT><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=672>
<TR><TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">DATED: ___________________ 20____</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Signature: ______________________</FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">NOTICE:</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">The signatures of this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatsoever.</P>
<P ALIGN="JUSTIFY">Signature Guaranteed By: </FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P>&nbsp;</P></FONT></BODY>
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