Whiting Petroleum Corporation · Corporate

Whiting Petroleum Corporation: bankruptcy, 2020

Whiting Petroleum Corporation: bankruptcy credit event on 2020-04-01, worked through from its SEC filings. The 6.25% Senior Notes due 2023 (CUSIP 966387AP7) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 3 documents

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Verified answerWhiting Petroleum Corporation · Bankruptcy · 2020

Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Yes, deliverable

6.25% Senior Notes due 2023 pass all 7 checks, each tied to its clause.

7 of 7 checks pass

See the 7 checks

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Verified outcome

EligibleIs the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

Fourth Supplemental Indenture of 2015-03-27

Form of Supplemental Indenture
ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
ARTICLE 2 THE NOTES
AMENDMENT, SUPPLEMENT AND WAIVER
ARTICLE 2
Whiting Petroleum Corporation, a Delaware corporation, promises to pay to
Authorized Officer
Authorized Officer
Authorized Officer
Authorized Officer
Authorized Officer

For 6.25% Senior Notes due 2023

Reference entity: Whiting Petroleum Corporation
Credit event: Bankruptcy · 2020-04-01
Entity type: Corporate
Documents: 3 in the record

Instruments

Each obligation has its own page with terms and questions.

6.25% Senior Notes due 2023Eligible
Whiting Petroleum Corporation · CUSIP 966387AP7
8 questions

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

#1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
Eligible
Fourth Supplemental Indenture of 2015-03-27
#2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
Yes
Fourth Supplemental Indenture of 2015-03-27
- Whiting Petroleum Corporation, a Delaware corporation, promises to pay to
#3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
Yes
Fourth Supplemental Indenture of 2015-03-27
- ARTICLE 2 THE NOTES
- Authorized Officer
#4 Does the instrument meet the Not Subordinated characteristic?
Yes
Fourth Supplemental Indenture of 2015-03-27
- ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
- Authorized Officer
#5 Does the instrument meet the Not Bearer characteristic?
Yes
Fourth Supplemental Indenture of 2015-03-27
- ARTICLE 2
- Authorized Officer
#6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
Yes
None: no clause making principal contingent was found.
#7 Does the instrument meet the Transferable characteristic?
Yes
Fourth Supplemental Indenture of 2015-03-27
- AMENDMENT, SUPPLEMENT AND WAIVER
- Authorized Officer
#8 Is the issuer of the instrument the Reference Entity?
Yes
Fourth Supplemental Indenture of 2015-03-27
- Form of Supplemental Indenture
- Authorized Officer

#	Question	Verified answer	Source clauses
1	Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent? Deliverability	Eligible	Fourth Supplemental Indenture of 2015-03-27 Form of Supplemental Indenture ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE ARTICLE 2 THE NOTES AMENDMENT, SUPPLEMENT AND WAIVER ARTICLE 2 Whiting Petroleum Corporation, a Delaware corporation, promises to pay to Authorized Officer Authorized Officer Authorized Officer Authorized Officer Authorized Officer
2	Does the instrument meet the Maximum Maturity characteristic (30 years)? Deliverable Obligation Characteristic	Yes	Fourth Supplemental Indenture of 2015-03-27 Whiting Petroleum Corporation, a Delaware corporation, promises to pay to
3	Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)? Deliverable Obligation Characteristic	Yes	Fourth Supplemental Indenture of 2015-03-27 ARTICLE 2 THE NOTES Authorized Officer
4	Does the instrument meet the Not Subordinated characteristic? Deliverable Obligation Characteristic	Yes	Fourth Supplemental Indenture of 2015-03-27 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE Authorized Officer
5	Does the instrument meet the Not Bearer characteristic? Deliverable Obligation Characteristic	Yes	Fourth Supplemental Indenture of 2015-03-27 ARTICLE 2 Authorized Officer
6	Is the instrument Not Contingent (principal not reducible for a reason other than payment)? Additional check	Yes	None: no clause making principal contingent was found.
7	Does the instrument meet the Transferable characteristic? Deliverable Obligation Characteristic	Yes	Fourth Supplemental Indenture of 2015-03-27 AMENDMENT, SUPPLEMENT AND WAIVER Authorized Officer
8	Is the issuer of the instrument the Reference Entity? Reference Entity	Yes	Fourth Supplemental Indenture of 2015-03-27 Form of Supplemental Indenture Authorized Officer

Documents

The case record. 11 sections support the verified answers.

DOC-1 Whiting 8-K filed 2020-04-01, Item 1.03 Bankruptcy (and Item 2.04), petition 2020-04-01excerpts
DOC-2 Fourth Supplemental Indenture dated March 27, 2015, 6.25% Senior Notes due 2023 (EX-4.3)excerpts
DOC-3 Senior Indenture dated September 12, 2013 (base indenture, EX-4.1)excerpts

Timeline

2015-03-27Fourth Supplemental Indenture for the 6.25% Senior Notes due 2023 (filed as Exhibit 4.3), under the senior indenture of 12 September 2013.
2020-04-01Whiting Petroleum Corporation and certain subsidiaries commence voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas.

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