Amendments to Section 9.18 of the Credit Agreement. (a) Clause (a)(i) of Section 9.18 of the Credit Agreement is hereby amended by deleting the reference to “25%” contained in such clause and inserting in lieu thereof a reference to “40%”.
(b) Clause (a)(ii) of Section 9.18 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Amendments to Section 9.18 of the Credit Agreement. (a) Section 9.18(a)(i) of the Credit Agreement is hereby amended by deleting the following words from subclauses (B)(1) and (B)(2): “set forth in the most recent Reserve Report delivered to Administrative Agent hereunder (as such report may be supplemented from time to time by the Credit Parties delivering to Administrative Agent updated well projections and other information reflecting the drilling activity, acquisitions, dispositions and other results of operations since the effective date of such Reserve Report)”.
(b) Section 9.18(a)(iii) of the Credit Agreement is hereby amended by deleting the following words therefrom: “as set forth in the most recent Reserve Report delivered to Administrative Agent hereunder (as such report may be supplemented from time to time by the Credit Parties delivering to Administrative Agent updated well projections and other information reflecting the drilling activity, acquisitions, dispositions and other results of operations completed since the effective date of such Reserve Report)”.
(c) Section 9.18 of the Credit Agreement is hereby amended to add a new clause (d) thereto immediately following clause (c) thereof, which clause (d) shall read in full as follows:
(d) For purposes of this Section 9.18, the reasonably anticipated production from Proved Reserves or Proved Developed Producing Reserves of Oil and Gas Properties of the Credit Parties (other than Acquisition Properties) shall be (i) with respect to Oil and Gas Properties that the Borrowers desire to be included in the determination of the Borrowing Base, such production as set forth in the most recent Reserve Report delivered to Administrative Agent hereunder (as such report may be supplemented from time to time by the Credit Parties delivering to Administrative Agent updated well projections and other information reflecting the drilling activity, acquisitions, dispositions and other results of operations completed since the effective date of such Reserve Report), and (ii) with respect to Oil and Gas Properties not included in the most recent Reserve Report, such production as set forth in the most recent certificate delivered to the Administrative Agent pursuant to Section 8.01(d).
