Document:

EX-10.2

 EXHIBIT 10.2 
 NON-REVOLVING LINE OF CREDIT PROMISSORY NOTE 
  

					
	$10,000,000.00	 		 	Dated: July 9, 2012

  
  

Borrower’s Promise to Pay 
 For value received, the undersigned, ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation, authorized to do business in the State of Florida (the “Borrower”) promises to pay to the
order of FIFTH THIRD BANK, an Ohio banking corporation (the “Lender”), the principal sum of TEN MILLION DOLLARS ($10,000,000.00), together with interest on the principal balance remaining unpaid from time to time at the rates set
forth below. 
 1. Term. The term of this Note is from the date of this Note through January 31, 2013 (the “Maturity
Date”). 
 2. Interest. The Interest Rate shall be a variable rate at 500 basis points (5.00%) above the One-Month
“LIBOR-Index Rate”, and shall be adjusted every month on each Interest Rate Determination Date with all such interest rate terms defined as set forth in “ADDENDUM A” attached hereto and made a part hereof. Interest will be
calculated on the basis of a 360-day year for actual number of days lapsed during the calculation period. 
 3. Payments.
Principal and interest shall be due and payable as follows: 
 (a) Payments of accrued interest only, shall be payable monthly
commencing August 6, 2012, and continuing on the same day of each month thereafter on the principal outstanding from time to time until the loan Maturity Date, at which time the outstanding indebtedness, whether principal, accrued interest or
otherwise, shall be due and payable in full. If any payment on this Note becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the State of Florida, the maturity thereof shall be extended to the next succeeding business
day and interest thereon shall be payable at contract rate of interest during such extension. 
 (b) All outstanding principal
shall be due and payable in full on or before January 31, 2013. 
 All payments shall be made at: 201 E. Kennedy Boulevard,
Suite 1800, Tampa, Florida 33602, or at such other place as may be designated in writing by the Lender. 
 4. Borrower’s Right to
Prepay. This Note may be prepaid at any time without penalty. 
 Initials:
             

 5. Interest Limitation. Interest payable under this Note or any other payment which would be
considered as interest or other charge for the use or loan of money shall never exceed the highest contract rate allowed by law applicable to this loan to be charged by Lender. If the interest or other charges collected or to be collected in
connection with this loan exceed the permitted limits, then: (A) any such interest or loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (B) any sums already collected from Borrower which
exceeded permitted limits will be refunded. The Lender may choose to make this refund by reducing the principal owed under this Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial
prepayment. 
 6. Borrower’s Failure To Pay As Required. 

(A) Late Charge for Overdue Payments. If the Lender has not received the full amount of any monthly payment by the end of
ten (10) calendar days after it is due, Borrower will pay a late charge to the Lender equal to 5% of the overdue payment of principal and/ or interest. The payment or collection of any such late charge shall not constitute a waiver of any other
right or remedy available to the Lender. 
 (B) Default. If Borrower fails to pay the full amount of each monthly
payment by the end of the ten (10) calendar days after it is due, Borrower will be in default, and upon such default by Borrower, Lender may declare the entire principal and interest then remaining unpaid to be immediately due and payable
without further notice or demand, and the entire unpaid principal balance shall bear interest at the “Default Interest Rate”.. The “Default Interest Rate” shall be five percent (5%) per annum above the contract interest rate
set forth above, but not exceeding 18% per annum. 
 (C) Acceleration. If Borrower is in default after
expiration of any applicable cure periods, the Lender may require Borrower to pay immediately the full amount of principal which has not been paid and all the interest that Borrower owes on that amount without further notice. 

(D) No Waiver By Lender. Even if, at a time when Borrower is in default, the Lender does not require Borrower to pay
immediately in full as described above, the Lender will still have the right to do so if Borrower is in default at a later time. 
 (E) Payment of Lender’s Costs and Expenses. If the Lender has required Borrower to pay immediately in full as described above, the Lender will have the right to be paid back by Borrower
for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees whether suit be brought or not, and including such fees and costs in any
appellate, bankruptcy or post judgment proceedings. 
 7. Attorneys’ Fees. All parties liable for the payment of this Note
agree to pay the Lender reasonable attorneys’ fees and costs, whether or not an action is brought, for the services of counsel employed after maturity or default to collect this Note or any

  

					
	Initials:             	 	2	 	

 
principal or interest due hereunder, or to protect the security, if any, or enforce the performance of any other agreement contained in this Note or in any instrument of security executed in
connection with this loan, including costs and attorneys’ fees on any garnishment action, or for any appeal, or in any proceedings under the federal Bankruptcy Code or in any post-judgment proceedings. 

8. Allocation of Payments. Payments shall be applied by Lender first to any late fees or other expenses of Lender hereunder, then to
accrued interest and finally to principal. 
 9. Giving of Notice. Unless applicable law requires a different method, any notice
that must be given to Borrower under this Note will be given by mailing it by first class mail or by delivering it to Borrower at 5215 West Laurel Street, Tampa, Florida 33607, or at a different address if Borrower gives the Lender prior written
notice of a different address. 
 Any notice that must be given to the Lender under this Note will be given by mailing it by
first class mail to the Lender at the address stated in Section 3 above or at a different address if Borrower is given a notice of that different address. 
 10. Set Off. The Borrower shall have no right of set off against the Lender under this Note or under any instruments securing this Note or executed in connection with the loan evidenced
hereby. The Lender, however, shall have the right, immediately and without further action by it, to set off against this Note all money owed by the Lender in any capacity to Borrower, whether or not due. 

11. Obligations of Persons Under This Note. If more than one person signs this Note, each person is fully obligated to keep all of the
promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or endorser of this Note is obligated to do these things. Any person who takes over these obligations, including the obligations of
a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Lender may enforce its rights under this Note against each person individually or against all obligators together. This means that
any one of them may be required to pay all of the amounts owed under this Note. 
 12. Waivers and Consents. Borrower and any
other person who has obligations under this Note waive diligence presentment, protest and demand and also notice of dishonor and non-payment of this Note. 
 13. This Note Secured by Security Instruments. In addition to the protections given to the Lender under this Note, a Loan Agreement and Collateral Assignment protects the Lender from
possible losses which might result if Borrower does not keep the promises made in this Note. That Loan Agreement and Collateral Assignment describes how and under what conditions Borrower may be required to make immediate payment in full or in part
of the amounts owed under this Note. 

  

					
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 14. Litigation. Any litigation between the parties brought in connection with this Note or
concerning the subject matter hereof prior to closing of the Loan shall only be brought in Hillsborough County, Florida. In any such litigation, the prevailing party shall be entitled to an award of its reasonable attorneys’ fees and costs. The
Borrower and any guarantors further knowingly, voluntarily and intentionally, waive any right to trial by jury in respect of any litigation arising out of, under, or in connection with this Note, or the loan. 

15. Business Purpose Loan. The Borrower acknowledges that the proceeds of the loan are to be used for business or commercial purposes only,
and not for personal, family or household purposes. 
 16. WAIVER OF JURY TRIAL. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO MAKE THIS LOAN AND EXTENSIONS OF CREDIT TO BORROWER. 

 

			
	“BORROWER”
	
	ODYSSEY MARINE EXPLORATION, INC.,
	a Nevada corporation
		
	By:	 	 /s/     Michael Holmes

		 	Michael Holmes,
		 	as its Chief Financial Officer
		
		 	        (CORPORATE SEAL)

 Documentary stamps in the amount required by Florida law for the Note renewed herein have been paid and stamps
have been notated on the Original Note attached hereto. 
 ATTACHMENT: 

Addendum A to Note: LIBOR Index Rate 

  
 4 

 Addendum A to Note 
 LIBOR Index Rate 
 SECTION 1 

Definitions. As used in this Addendum, the following terms shall have the meanings set forth below: 

“Bank” shall mean Fifth Third Bank and its successors and assigns. 
 “Borrower” shall collectively and individually refer to the maker of the attached promissory note (“Note”). The terms of this Addendum are hereby incorporated into the Note and in the
event of any conflict between the terms of the Note and the terms of this Addendum, the terms of this Addendum shall control. 
 “Business
Day” shall mean, with respect to Interest Periods applicable to the LIBOR Rate, a day on which Bank is open for business and on which dealings in U.S. dollar deposits are carried on in the London Inter-Bank Market. 

“Interest Period” shall mean a period of one (1) month, provided that (i) the initial Interest Period may be less than one month,
depending on the initial funding date and (ii) no Interest Period shall extend beyond the maturity date of the Note. 
 “Interest Rate
Determination Date” shall mean the date the Note is initially funded and the first Business Day of each calendar month thereafter. 

“LIBOR Rate” shall mean that rate per annum effective on any Interest Rate Determination Date which is equal to the quotient of: 

(i) the rate per annum equal to the offered rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that
page of Bloomberg reporting service, or such similar service as determined by Bank, that displays British Bankers’ Association interest settlement rates for deposits in U.S. Dollars, as of 11:00 A.M. (London, England time) two (2) Business
Days prior to the Interest Rate Determination Date; provided, that if no such offered rate appears on such page, the rate used for such Interest Period will be the per annum rate of interest determined by Bank to be the rate at which U.S.
dollar deposits for the Interest Period, are offered to Bank in the London Inter-Bank Market as of 11:00 A.M. (London, England time), on the day which is two (2) Business Days prior to the Interest Rate Determination Date, divided by;

 (ii) a percentage equal to 1.00 minus the maximum reserve percentages (including any emergency, supplemental, special
or other marginal reserves) expressed as a decimal (rounded upward to the next 1/100th of 1%) in effect on any day to which Bank is subject with respect to any LIBOR loan pursuant to regulations issued by the Board of Governors of the Federal
Reserve System with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation D). This percentage will be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “Prime Rate” shall mean the publicly announced prime lending rate of Bank from time to time in effect, which rate may
not be the lowest or best lending rate made available by Bank or, if the Note is governed by Subtitle 10 of Title 12 of the Commercial Law Article of the Annotated Code of Maryland, “Prime Rate” shall mean the Wall Street Journal Prime
Rate, which is the Prime Rate published in the “Money Rates” section of the Wall Street Journal from time to time. 

  

					
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 SECTION 2 
 Interest. The Borrower shall pay interest upon the unpaid principal balance of the Note at the LIBOR Rate plus the margin provided in the Note (which principal balance shall not include the Letter
of Credit Obligations until such Letter of Credit Obligations are drawn upon and honored by Bank, and remain unreimbursed by Borrower). Interest shall be due and payable as provided in the Note and shall be calculated on the basis of a 360 day year
and the actual number of days elapsed. The interest rate shall remain fixed during each month based upon the interest rate established pursuant to this Addendum on the applicable Interest Rate Determination Date. 

SECTION 3 
 Additional Costs. In
the event that any applicable law or regulation or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof (whether or not having the force of law) (i) shall
change the basis of taxation of payments to Bank of any amounts payable by the Borrower hereunder (other than taxes imposed on the overall net income of Bank) or (ii) shall impose, modify or deem applicable any reserve, special deposit or
similar requirement against assets of, deposits with or for the account of, or credit extended by Bank, or (iii) shall impose any other condition with respect to the Note, and the result of any of the foregoing is to increase the cost to Bank
of making or maintaining the Note or to reduce any amount receivable by Bank hereunder, and Bank determines that such increased costs or reduction in amount receivable was attributable to the LIBOR Rate basis used to establish the interest rate
hereunder, then the Borrower shall from time to time, upon demand by Bank, pay to Bank additional amounts sufficient to compensate Bank for such increased costs (the “Additional Costs””). A detailed statement as to the amount of such
Additional Costs, prepared in good faith and submitted to the Borrower by Bank, shall be conclusive and binding in the absence of manifest error. 
 SECTION 4 
 Unavailability Of Dollar Deposits. If Bank determines in its sole
discretion at any time (the “Determination Date”) that it can no longer make, fund or maintain LIBOR based loans for any reason, including without limitation illegality, or the LIBOR Rate cannot be ascertained or does not accurately
reflect Bank’s cost of funds, or Bank would be subject to Additional Costs that cannot be recovered from the Borrower, then Bank will notify the Borrower and thereafter will have no obligation to make, fund or maintain LIBOR based loans. Upon
such Determination Date the Note will be converted to a variable rate loan based upon the Prime Rate. Thereafter the interest rate on the Note shall adjust simultaneously with any fluctuation in the Prime Rate. 

 

			
	ODYSSEY MARINE EXPLORATION,
	INC., a Nevada corporation
		
	By:	 	 /s/ Michael Holmes

		 	Michael Holmes, as its Chief Financial Officer

  
 6Amendment No. 1 dated July 26, 2012

 Exhibit 10.1 
 AMENDMENT NO. 1 
 This AMENDMENT NO. 1 (the “Agreement”)
dated as of July 26, 2012 (the “Effective Date”) is among Continental Resources, Inc., an Oklahoma corporation (“Borrower”), Banner Pipeline Company LLC (the “Guarantor”), the Lenders (as defined below), and Union
Bank, N.A., as Administrative Agent and as Issuing Lender (as each such term is defined below). 
 RECITALS 

A. The Borrower is party to that certain Seventh Amended and Restated Credit Agreement dated as of June 30, 2010 (as the same has
been and may be amended, restated or modified from time to time, the “Credit Agreement”) among the Borrower, the lenders party thereto from time to time (the “Lenders”), and Union Bank, N.A., as administrative agent (in such
capacity, the “Administrative Agent”) and as issuing lender (in such capacity, the “Issuing Lender”). 
 B.
The Borrower, the Lenders, the Issuing Lender and the Administrative Agent wish to, subject to the terms and conditions of this Agreement, increase the Borrowing Base (as defined in the Credit Agreement) and make certain amendments to the Credit
Agreements as provided herein. 
 THEREFORE, the Borrower, the Lenders, the Administrative Agent and the Issuing Lender hereby
agree as follows: 
 Section 1. Defined Terms. As used in this Agreement, each of the terms defined in the
opening paragraph and the Recitals above shall have the meanings herein assigned. Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly
provided to the contrary. 
 Section 2. Other Definitional Provisions. Article, Section, Schedule, and
Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents,
contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The words “hereof”, “herein”, and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “including” means “including, without limitation”. Paragraph headings have been inserted in this
Agreement as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Agreement and shall not be used in the interpretation of any provision of this Agreement. 

Section 3. Borrowing Base Increase. 
 (a) Borrowing Base. Effective as of the date hereof, the Borrowing Base is hereby redetermined to be $2,750,000,000 and such Borrowing Base shall remain in effect at that level until the Borrowing
Base is next redetermined pursuant to Section 2.02(b) or Section 2.02(c) of the Credit Agreement. 

 (b) Present Value. Effective as of the date hereof, the Present Value is hereby
redetermined to be $5,617,145,000 and such Present Value shall remain in effect at that level until the Present Value is next redetermined pursuant to Section 2.02(d) of the Credit Agreement. 

Section 4. Amendments. 
 (a) Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined terms: 
 “Collateral Coverage Date” shall have the meaning given such term in Section 5.08. 
 “Collateral Coverage Period” shall have the meaning given such term in Section 5.08. 
 “Collateral Coverage Ratio” means, as of any date of determination, the ratio of (a) the Mortgaged Present Value to (b) the lesser of (i) the Borrowing Base then in effect on
the date of determination and (ii) the Aggregate Commitments at such date of determination. 
 “Mortgaged
Present Value” means, as of any date of determination, the calculation of the present value (using the average of the discount rates then customarily utilized by the Administrative Agent for reserve valuation purposes, which, on the Effective
Date, is a 9% discount rate) of the projected future net revenues attributable to the Mortgaged Present Value Production utilizing the price assumptions used by the Administrative Agent in evaluating its oil and gas loans generally; provided that,
the portion of Mortgaged Present Value attributed to Proven Reserves which are not then categorized as “producing” shall not exceed 25% of the resulting total Mortgaged Present Value. For purposes of calculating “Mortgaged Present
Value”, the present value of any Proven Reserves attributable to the Mortgaged Present Value Production which are then categorized as “proved developed non-producing” shall be risk-weighted by 25% and the present value of any Proven
Reserves attributable to the Mortgaged Present Value Production which are then categorized as “proved undeveloped” shall be risk-weighted by 50%. 
 “Mortgaged Present Value Production” means, at any time of determination, the projected production of Hydrocarbons (measured by volume unit or BTU equivalent, not sales price) from properties
and interests owned by any Obligor which are subject to an Acceptable Security Interest, as such production is projected in the most recent Engineering Report delivered pursuant to Section 5.06(c), after deducting projected production from any
properties or interests sold or under contract for sale that had been included in such report and after adding projected production from any properties or interests that had not been reflected in such report but that are reflected in a separate or
supplemental report which is satisfactory to the Administrative Agent. 
 “Super-Majority Borrowing Base
Lenders” means, as of the date of determination, Lenders holding at least 90% of the aggregate Commitments on such date of determination, or if the Commitments have been terminated or expired, at least 90% of the outstanding principal amount of
the Revolving Advances, Letter of Credit Exposure and Swing Line Advances (with the aggregate amount of each Lender’s risk participation and funded participation in Letter of Credit Obligations and Swing Line Advances being deemed to be
“held” by such Lender for purposes of this definition) on such date of determination. 

  
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 (b) Section 2.02(a) of the Credit Agreement is hereby amended by replacing the last
sentence of clause (iii) in its entirety with the following: 
 NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, the
Borrower may not elect to convert to an Additional Covenant Period from a BB Period without the prior written consent of the Super-Majority Lenders. 
 (c) Section 2.02(b) of the Credit Agreement is hereby amended by replacing clauses (i) and (ii) therein in their entirety with the following: 

(b) Semi-Annual Redetermination of Borrowing Base. 

(i) The Borrower shall deliver to the Administrative Agent and each of the Lenders on or before
each March 31st (or April 30th in the event the Borrower is not then a public company required to
file reports with the SEC) beginning March 31, 2013 (or April 30, 2013, if applicable), an Independent Engineering Report dated effective as of the immediately preceding December 31, and such other information as may be reasonably
requested by any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base. Upon receipt of such information, the Administrative Agent shall, in the normal course of business (but in any event within 45 days
after receipt of such information), make a determination of the Borrowing Base, which shall become effective upon approval by the Required Lenders (or the Super-Majority Borrowing Base Lenders if the Borrowing Base is to be increased) and subsequent
written notification from the Administrative Agent to the Borrower, and which, subject to the other provisions of this Agreement, shall be the basis on which the Borrowing Base shall thereafter be calculated until the effective date of the next
redetermination of the Borrowing Base as set forth in this Section 2.02. 

(ii) The Borrower shall deliver to the Administrative Agent and each Lender on or before each
September 30th (or October 31st in the event the Borrower is not then a public company required to
file reports with the SEC), beginning September 30, 2012 (or October 31, 2012, if applicable) an Internal Engineering Report dated effective as of the immediately preceding June 30 and such other information as may be reasonably
requested by the Administrative Agent or any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base. Upon receipt of such information, the Administrative Agent shall, in the normal course of business (but
in any event with 45 days after receipt of such information), make a determination of the Borrowing Base, which shall become effective upon approval by the Required Lenders (or the Super-Majority Borrowing Base Lenders if the Borrowing Base is to be
increased) and subsequent written notification from the Administrative Agent to the Borrower, and which, subject to the other provisions of this Agreement, shall be the basis on which the Borrowing Base shall thereafter be calculated until the
effective date of the next redetermination of the Borrowing Base as set forth in this Section 2.02. 

  
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 (d) Section 2.02(b) of the Credit Agreement is hereby amended by replacing clause
(iv)(A) in its entirety with the following: 
 (A) except during a Collateral Coverage Period, the Borrower
and its Subsidiaries, as applicable, own the Oil and Gas Properties specified therein free and clear of any Liens (except Permitted Liens) with at least 80% (by value) (or in the case of the Engineering Report delivered prior to the date hereof, at
least 70% by value) of the Proven Reserves covered therein subject to an Acceptable Security Interest, 
 (e)
Section 2.02(c) of the Credit Agreement is hereby amended and replaced in its entirety with the following: 

(c) Interim Redetermination of Borrowing Base. At all times during a BB Period, in addition to the Borrowing
Base redeterminations provided for in Section 2.02(b), the Administrative Agent and the Lenders may, either in their sole discretion or at the request of the Borrower and based on such information as the Administrative Agent and the Lenders
deem relevant (but in accordance with Section 2.02(e)), make additional redeterminations of the Borrowing Base during any six-month period between scheduled redeterminations; provided that, neither the Administrative Agent and the
Lenders nor the Borrower shall be permitted to request more than one such unscheduled redetermination during any six-month period between scheduled redeterminations, unless the redetermination is requested in connection with or as a result of an
Acquisition or the acquisition of Oil and Gas Properties having a value in excess of 5% of the Present Value then in effect. Additionally, the Administrative Agent and the Lenders may request an additional redetermination in connection with any sale
or proposed sale of Oil and Gas Properties of the Borrower or any of its Subsidiaries, which together with all such sales made since the most recent redetermination of the Borrowing Base, have a market value of equal to or greater than 5% of the
Present Value then in effect to the extent any such sale is otherwise permitted by this Agreement. The party requesting the redetermination shall give the other party at least 10 days’ prior written notice that a redetermination of the
Borrowing Base pursuant to this paragraph (c) is to be performed; provided that, no such prior written notice shall be required for any redetermination made by the Lenders during the existence of an Event of Default. In connection with any
redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Borrower and its Subsidiaries’ business (including its Oil and Gas
Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request, including an updated Independent Engineering Report. Upon receipt of such information, the Administrative Agent shall, in the
normal course of business (but in any event within 45 days after receipt of such information), make a determination of the Borrowing Base, which shall become effective upon approval by the Required Lenders (or the Super-Majority Borrowing Base
Lenders if the Borrowing Base is to be increased). The Administrative Agent shall promptly notify the Borrower in writing of each redetermination of the Borrowing Base pursuant to this Section 2.02(c) and the amount of the Borrowing Base as so
redetermined. 

  
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 (f) Section 2.02(f) of the Credit Agreement is hereby amended by replacing the last
sentence thereof in its entirety with the following: 
 Notwithstanding the foregoing, if a Reinstatement
Date occurs, the Borrower and its Subsidiaries shall cause the Administrative Agent to have an Acceptable Security Interest in Oil and Gas Properties of the Borrower and its Subsidiaries representing 80% of the present value of such Oil and Gas
Properties as determined by the most recently delivered Engineering Report; provided that, this requirement shall not apply during any Collateral Coverage Period. 
 (g) Section 5.06(l) of the Credit Agreement is hereby amended by replacing the reference to “$10,000,000” with “$50,000,000”. 

(h) Section 5.08 of the Credit Agreement is hereby replaced in its entirety with the following: 

Section 5.08 Requirement to Pledge Oil and Gas Properties. 

(a) At all times after August 31, 2010 other than during the Release Period, the Borrower shall, and shall cause
each Subsidiary to, grant to the Administrative Agent an Acceptable Security Interest in at least 80% (by value) of all of the Borrower’s and its Subsidiaries’ Proven Reserves and associated Oil and Gas Properties, as determined by the
most recently delivered Engineering Report. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, any time that the Collateral Coverage Ratio is greater than or equal to 1.75 to 1.00, the provisions of this Section 5.08(a) shall not apply (any such
period when this Section 5.08(a) does not apply being the “Collateral Coverage Period”). 

(b) Further, if at any time during a Collateral Coverage Period the Collateral Coverage Ratio becomes less than 1.75 to
1.00 (the date of such occurrence being the “Collateral Coverage Date”), the Borrower shall, and shall cause each Subsidiary to, no later than 120 days after the Collateral Coverage Date, either (i) grant to the Administrative Agent
an Acceptable Security Interest in at least 80% (by value) of all of the Borrower’s and its Subsidiaries’ Proven Reserves and associated Oil and Gas Properties, as determined by the most recently delivered Engineering Report, or
(ii) grant to the Administrative Agent an Acceptable Security Interest in certain of the Borrower’s and its Subsidiaries’ Proven Reserves and associated Oil and Gas Properties, as determined by the most recently delivered Engineering
Report, such that the Collateral Coverage Ratio is at least 1.75 to 1.00; provided that, this requirement shall not apply during the Release Period. 
 (i) Section 5.10 of the Credit Agreement is hereby replaced in its entirety with the following: 
 Section 5.10 Title. At all times after September 30, 2012, other than during the Release Period, the Borrower shall, from time to time upon the reasonable request of the Administrative
Agent, take such actions and execute and deliver such documents and instruments as the Administrative Agent shall require to ensure that the Administrative Agent shall, at all times, have received satisfactory title opinions (including, if
requested, supplemental or new title opinions addressed to it) or other title evidence reflecting that the Obligors have good and marketable title to Oil and Gas Properties whose aggregate present value, as determined by the most recently delivered
Engineering Report, is at least equal to 

  
 5 

 
an amount determined by multiplying the aggregate Commitments then in effect by 1.225 (which equals 70% of 1.75), and which title opinions or other title evidence shall be in form and
substance reasonably acceptable to the Administrative Agent in its sole discretion. 
 (j) Section 6.02(f) of the Credit
Agreement is hereby amended by replacing the reference to “$50,000,000” with “$100,000,000”. 
 (k)
Section 6.17 of the Credit Agreement is hereby amended by replacing the reference to “3.75 to 1.00” with “4.00 to 1.00”. 
 (l) Section 9.01(a) of the Credit Agreement is hereby amended by replacing clause (vi) in its entirety with the following: 

(vi) amend the definition of “Required Lenders”, the definition of “Super-Majority Lenders” or the
definition of “Super-Majority Borrowing Base Lenders”, 
 (m) Schedule I – Applicable Margins / Pricing Grid
attached to the Credit Agreement is hereby replaced in its entirety with Schedule I – Applicable Margins / Pricing Grid attached to this Agreement. 
 (n) Schedule II – Notice Information and Commitments attached to the Credit Agreement is hereby replaced in its entirety with Schedule II – Notice Information and Commitments attached to this
Agreement. 
 Section 5. Borrower Representations and Warranties. The Borrower represents and warrants
that: (a) the representations and warranties contained in the Credit Agreement and the representations and warranties contained in the other Loan Documents, are true and correct in all material respects (except that such materiality qualifier
shall not be applicable to any representation or warranty that already is qualified or modified by materiality in the text thereof) on and as of the Effective Date as if made on as and as of such date except to the extent that any such
representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation
or warranty that already is qualified or modified by materiality in the text thereof) as of such earlier date; (b) no Default has occurred and is continuing; (c) the execution, delivery and performance of this Agreement are within the
corporate power and authority of the Borrower and have been duly authorized by appropriate corporate and governing action and proceedings; (d) this Agreement constitutes the legal, valid, and binding obligation of the Borrower enforceable in
accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; (e) there are no governmental or other
third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Agreement; and (f) the Liens under the Security Instruments are valid and subsisting and secure
Borrower’s obligations under the Loan Documents. 
 Section 6. Reaffirmation of Guaranty. The
Guarantor hereby ratifies, confirms, and acknowledges that its obligations under the Guaranty Agreement are in full force and effect and that the Guarantor continues to unconditionally and irrevocably, jointly and severally, guarantee the full and
punctual payment of, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Obligations (subject to the terms of the Guaranty Agreement), as such Obligations may have been amended by this Agreement. The Guarantor
hereby acknowledges that its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by the Guarantor under the Guaranty Agreement in connection with the execution and delivery of amendments to the
Credit Agreement, the Notes or any of the other Loan Documents. 

  
 6 

 Section 7. Conditions to Effectiveness. This Agreement, the increase in
the Commitments and the increase in the Borrowing Base provided herein shall become effective on the Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions precedent: 

(a) The Administrative Agent shall have received multiple original counterparts, as requested by the Administrative Agent, of this
Agreement duly and validly executed and delivered by duly authorized officers of the Borrower, the Guarantors, the Administrative Agent, the Issuing Lender and the Lenders. 
 (b) No Default shall have occurred and be continuing as of the Effective Date. 

(c) The representations and warranties in this Agreement shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representation or warranty that already is qualified or modified by materiality in the text thereof). 
 (d) The Borrower shall have paid (i) the fees due on the date hereof to the Administrative Agent, on account of certain of the Lenders, as agreed to between the Borrower and the Administrative Agent
pursuant to the July Fee Letter, and (ii) all costs and expenses of counsel to the Administrative Agent which have been invoiced to the Borrower at least one Business Day prior to the date hereof and are payable pursuant to Section 9.03(a)
of the Credit Agreement. 
 (e) The Administrative Agent shall have received a certificate, dated as of the Effective Date, duly
executed and delivered by a Responsible Officer of the Borrower (i) certifying that (A) the representations and warranties contained in Article IV of the Credit Agreement and in the other Loan Documents are true and correct on and as of
the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that the representations and warranties contained in
Section 4.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 5.06 of the Credit Agreement, and (B) no Default exists and
(ii) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase. 

  
 7 

 Section 8. Acknowledgments and Agreements. 

(a) The Borrower hereby agrees that, on or before September 30, 2012, or such later date as the Administrative Agent shall determine
in its sole discretion, the Borrower shall deliver to the Administrative Agent satisfactory title opinions (including, if requested, supplemental or new title opinions addressed to it) or other title evidence reflecting that the Obligors have good
and marketable title in accordance with Section 5.10 of the Credit Agreement as amended hereby. 
 (b) The Borrower
acknowledges that on the date hereof all Obligations are payable without defense, offset, counterclaim or recoupment. 
 (c) The
Administrative Agent, the Issuing Lender and the Lenders hereby expressly reserve all of their rights, remedies, and claims under the Loan Documents. Except as otherwise expressly contemplated herein, nothing in this Agreement shall constitute a
waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents, (ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any rights or remedies of the
Administrative Agent, the Issuing Lender or any Lender with respect to the Loan Documents, or (iv) the rights of the Administrative Agent, the Issuing Lender or any Lender to collect the full amounts owing to them under the Loan Documents.

 (d) This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents. Without limiting the
foregoing, any breach of representations, warranties, and covenants under this Agreement shall be a Default or Event of Default, as applicable, under the Credit Agreement. 
 (e) This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this
Agreement shall be a Default or Event of Default, as applicable, under the Credit Agreement. 
 Section 9.
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument. This Agreement may be executed by facsimile signature
and all such signatures shall be effective as originals. 
 Section 10. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement. 
 Section 11. Invalidity. In the event that any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 
 Section 12.
Governing Law. The governing law provisions set forth in Section 9.14 of the Credit Agreement apply to this Agreement. 
 Section 13. Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE
PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 

  
 8 

 THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[Remainder of this page intentionally left blank. Signature pages follow.] 

  
 9 

 EXECUTED effective as of the date first above written. 

 

							
	 BORROWER:
	 		 	CONTINENTAL RESOURCES, INC.
				
		 		 	By:	 	 /s/ John D. Hart

		 		 		 	 John D. Hart, Senior Vice President,
 Chief Financial Officer and Treasurer

			
	GUARANTOR:	 		 	BANNER PIPELINE COMPANY LLC
	(for purposes of Section 6 only)	 		 		 	
				
		 		 	By:	 	 /s/ John D. Hart

		 		 		 	John D. Hart, Manager

  
 Signature Page
to Amendment No. 1 

					
	 ADMINISTRATIVE AGENT/

ISSUING LENDER/LENDER:
	 	 UNION BANK, N.A.,

		 	as Administrative Agent, Issuing Lender
		 	and a Lender
			
		 	By:	 	 /s/ Randall L. Osterberg

		 	Name:	 	Randall L. Osterberg
		 	Title:	 	Sr. Vice President - US Marketing Manager

  
 Signature Page
to Amendment No. 1 

 
			
	COMPASS BANK,
	as a Lender
		
	By:	 	 /s/ Kathleen J. Bowen

	Name:	 	Kathleen J. Bowen
	Title:	 	Senior Vice President

  
 Signature Page
to Amendment No. 1 

 
			
	 THE ROYAL BANK OF SCOTLAND
 PLC
 as a Lender

		
	By:	 	 /s/ Sanjay Remond

	Name:	 	Sanjay Remond
	Title:	 	Authorised Signatory

  
 Signature Page
to Amendment No. 1 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ Tara McLean

	Name:	 	Tara McLean
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 1 

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

		
	By:	 	 /s/ Christopher Renyi

	Name:	 	Christopher Renyi
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 1 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender

		
	By:	 	 /s/ David Morris

	Name:	 	David Morris
	Title:	 	Authorized Officer

  
 Signature Page
to Amendment No. 1 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Thomas E. Stelmar, Jr.

	Name:	 	Thomas E. Stelmar, Jr.
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 1 

			
	 CITIBANK, N.A.,
 as a Lender

		
	By:	 	 /s/ Phil Ballard

	Name:	 	Phil Ballard
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 1 

 
			
	CAPITAL ONE, N.A.,
	 as a Lender

		
	 By:
	 	 /s/ Michael Higgins

	 Name:
	 	 Michael Higgins

	 Title:
	 	 Vice President

  
 Signature Page
to Amendment No. 1 

 
			
	Bank of Scotland plc, New York Branch
		
	By:	 	 /s/ Julia R. Franklin

	Name:	 	Julia R. Franklin
	Title:	 	Vice President

  
 Signature Page
to Amendment No. 1 

 
			
	 UBS AG, STAMFORD BRANCH,
 as a Lender

		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

  

			
		
	By:	 	 /s/ David Urban

	Name:	 	David Urban
	Title:	 	Associate Director

  
 Signature Page
to Amendment No. 1 

 
			
	 TORONTO DOMINION (NEW YORK) LLC,
 as a Lender

		
	By:	 	 /s/ Bebi Yasin

	Name:	 	Bebi Yasin
	Title:	 	Authorized Signatory

  
 Signature Page
to Amendment No. 1 

 
			
	 COMERICA BANK,
 as a Lender

		
	By:	 	 /s/ V. Mark Fuqua

	Name:	 	V. Mark Fuqua
	Title:	 	Senior Vice President

  
 Signature Page
to Amendment No. 1 

 
			
	MIDFIRST BANK,
	as a Lender
		
	By:	 	 /s/ James P. Boggs

	Name:	 	James P. Boggs
	Title:	 	Senior Vice President

  
 Signature Page
to Amendment No. 1 

 SCHEDULE I 
 Applicable Margins 
 PRICING GRID 

 

																			
	 Utilization Level
	  	Eurodollar
Rate
Advances	 	 	Reference
Rate
Advances	 	 	Letter of
Credit
Fee	 	 	Commitment
Fee	 
	 Level I
	  	Equal to or greater than 90%	  	 	2.50	% 	 	 	1.50	% 	 	 	2.50	% 	 	 	0.50	% 
	 Level II
	  	Less than 90% but equal to or greater than 75%	  	 	2.25	% 	 	 	1.25	% 	 	 	2.25	% 	 	 	0.50	% 
	 Level III
	  	Less than 75% but equal to or greater than 50%	  	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	0.50	% 
	 Level IV
	  	Less than 50% but equal to or greater than 25%	  	 	1.75	% 	 	 	0.75	% 	 	 	1.75	% 	 	 	0.375	% 
	 Level V
	  	Less than 25%	  	 	1.50	% 	 	 	0.50	% 	 	 	1.50	% 	 	 	0.375	% 

  
 Schedule I

 SCHEDULE II 

NOTICE INFORMATION AND COMMITMENTS 
 Each of the commitments to lend set forth herein is governed by the terms of the Credit Agreement which provides for, among other things, borrowing base limitations which may restrict the Borrower’s
ability to request (and the Lenders’ obligation to provide) Credit Extensions to a maximum amount which is less than the commitments set forth in this Schedule II. 
 Administrative Agent/Issuing Lender/Swing Line Lender: 
 Union Bank, N.A. 

Lincoln Plaza 
 500 N. Akard Street, Suite 4200

 Dallas, Texas 75201 
 Attention:
Mr. Randall Osterberg / with a copy to Hannah Payne 
 Facsimile: 214-922-4209 
 Borrower: 
 Continental Resources, Inc. 

20 N. Broadway 
 P.O. Box 269097 

Oklahoma City, OK 73126 
 Attention: John Hart

 Facsimile: 405-234-9000 
  

					
	 Lenders:
	  	Commitments	 
	 Union Bank, N.A.
	  	$	150,000,000.00	  
	 Compass Bank
	  	$	125,000,000.00	  
	 The Royal Bank of Scotland plc
	  	$	125,000,000.00	  
	 U.S. Bank National Association
	  	$	125,000,000.00	  
	 Bank of America, N.A.
	  	$	125,000,000.00	  
	 JPMorgan Chase Bank, N.A.
	  	$	125,000,000.00	  
	 Wells Fargo Bank, National Association
	  	$	139,750,000.00	  
	 Citibank, N.A.
	  	$	97,050,000.00	  
	 Capital One, N.A.
	  	$	97,050,000.00	  
	 Bank of Scotland plc, New York Branch
	  	$	97,050,000.00	  
	 UBS AG, Stamford Branch
	  	$	97,050,000.00	  
	 Toronto Dominion (New York) LLC
	  	$	97,050,000.00	  
	 Comerica Bank
	  	$	50,000,000.00	  
	 MidFirst Bank
	  	$	50,000,000.00	  
		  	  
	  
	 
	 Total:
	  	$	1,500,000,000.00	  
		  	  
	  
	 

  
 Schedule II

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