Amendment to Sections 8. 1 and 8.2
Amendment to Sections 8. 1(a) and (b) of the Asset Exchange Agreement. Pursuant to Section 11.6 of the Asset Exchange Agreement, Sections 8.1(a) and (b) of the Asset Exchange Agreement are hereby deleted in their entirety and replaced with the following Sections 8.1(a) and (b):
(a) [INTENTIONALLY OMITTED]
(b) [INTENTIONALLY OMITTED]”.
Amendment to Sections 8. 1, 9.1, 15.2 and 17.1 of the Shareholders Agreement Any matters requiring consent or approval of “at least three (3) Approving Persons” in Sections 8.1, 9.1, 15.2 and 17.1 of the Shareholders Agreement shall be amended and replaced by requiring consent or approval of “two (2) Approving Persons”.
Amendment to Sections 8. 5(b) and (c) of the Credit Agreement (Restricted Payments). Sections 8.5(b) and (c) of the Credit Agreement are hereby amended by deleting such Sections in their respective entireties and inserting in lieu thereof the following:
Amendment to Sections 8. 5, 8.6, 8.7 and 8.8. Sections 8.5, 8.6, 8.7 and 8.8 of the Credit Agreement are hereby amended to delete such Sections in their entirety and substitute the following therefor:
Amendment to Sections 8. 2, , 8.3, 8.4 and 8.5. Each of Sections 8.2., 8.3, 8.4 and 8.5 is amended to delete the phrase “Holding will not, and will not permit any of its Subsidiaries to” and to replace it with “Prior to the Merger Effective Time, Holding will not, and after the Merger Effective Time, the Borrower will not, nor will either of them permit any Subsidiary to”.
Amendment to Sections 8. 19. --------------------------
A. Effective as of the Effective Date, sub-clause (iii) of Section 8.19 of the Loan Agreement is deleted and the following is substituted therefor:
Amendment to Sections 8. 13(a) and (c). Sections 8.13(a) and (c) are hereby amended by deleting such Sections in their entirety and replacing them with the following:
(a) On or before the delivery to the Administrative Agent and the Lenders of each Reserve Report required by Section 8.12(a), to the extent requested by Administrative Agent, the Borrower will deliver title information in form and substance acceptable to the Administrative Agent covering enough of the Oil and Gas Properties evaluated by such Reserve Report that were not included in the immediately preceding Reserve Report, so that the Administrative Agent shall have received, together with title information previously delivered to the Administrative Agent, reasonably satisfactory title information on at least (i) 85% or (ii) after the later of (A) April 1, 2016 or (B) the date of the delivery of a Reserve Report on which the ratio of Total Secured Debt as of such date to EBITDA for the four fiscal quarters most recently ended for which financial statements have been delivered is equal to or less than 1.0 to 1.0, 75% of the total value of the Oil and Gas Properties evaluated by such Reserve Report.
Amendment to Sections 8. 2.5, 8.2.6 and 8.2.7 of the Original Agreement.
(a) The text of Section 8.2.5 of the Original Agreement is hereby superseded by the provisions hereof.
(b) The text of Section 8.2.6 is amended in its entirety to read as follows:
Amendment to Sections 8. 3. Sections 8.3 is hereby amended to read in its entirety as follows:
