Document:

Exhibit

Exhibit 10.1
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (the “Agreement”) is made as of September 1, 2015, between Markel Corporation (the “Company”), and Steven A. Markel (the “Executive”).
WHEREAS, the Company and the Executive previously entered into that certain Amended and Restated Employment Agreement, dated December 31, 2008 (the “Prior Agreement”);
WHEREAS, the Company and the Executive wish to amend and restate the Prior Agreement to reflect the Executive’s current employment relationship and to revise certain sections of the Prior Agreement; and
WHEREAS, the Company desires to continue to employ the Executive as Vice Chairman of the Company and expects that the Executive will continue to make significant contributions to the oversight, growth and success of the Company.
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the parties agree as follows:
1. Employment and Duties. The Company employs the Executive as Vice Chairman. The duties of the Executive will include, without limitation, strategic business planning, providing financing and investment advice, identifying and sourcing business opportunities, consulting and being available to consult with senior management, participating in investor relations functions and other duties normally and properly incident to his position and such additional duties as may be assigned to him by the Board of Directors of the Company.  In this capacity, the parties expect and agree that the Executive will typically fulfill his duties hereunder through the devotion of an amount of time not to exceed on average 10 hours per week.  The Executive acknowledges, however, that his responsibilities are unique and further agrees that from time to time his services may be required by the Company in excess of that amount and outside of ordinary business hours.  So long as the following activities do not violate the Executive’s covenants as described in Section 9A of this Agreement, the Executive may perform personal, charitable and other business activities, including, without limitation, serving as a member of one or more boards of directors of charitable or other professional organizations, and may serve on the boards of directors of other business organizations that are not engaged in any aspect of the insurance industry, provided, however, that service on the boards of directors of other business organizations shall require the prior consent of the Board of Directors of the Company. 
2. Term. Subject to Sections 5, 6 and 7, the Company employs the Executive, and the Executive agrees to serve the Company, for an initial term of one year and four months from the date of this Agreement; thereafter, this Agreement shall continue in effect until terminated by either party on 90 days written notice to the other party. If the Company notifies the Executive that it does not wish to extend the term of this Agreement, the Company shall be deemed to have terminated the Executive’s employment without cause, and the Executive shall be entitled to the benefits specified in Section 7 of this Agreement. If the Executive notifies the Company that the Executive does not wish to extend the term of this Agreement, the Executive shall be deemed to have voluntarily left the employ of the Company and the Company’s obligations to the Executive under this Agreement shall terminate.
3. Salary. During the term of this Agreement, the Executive’s base salary shall be not less than $700,000.00 per year, which sum shall be payable in bi-weekly installments. The Executive shall be entitled to participate in the Company’s bonus program. In the event of an increase in salary or the payment of a bonus, the other terms and conditions of this Agreement shall remain in full force and effect. The salary in effect at any given time is sometimes referred to in this Agreement as “Base Salary.” There 

shall be withheld from all amounts due the Executive such federal and state income taxes, FICA and other amounts as may be required to be withheld under applicable law.
4. Other Benefits. During the term of this Agreement, the Executive shall be entitled to (i) participate in such employee benefit plans and programs as are generally available to other executive officers of the Company  (provided, however, that nothing in this Agreement shall entitle the Executive to participate in the Company’s 401(k) plan following the termination of his employment for any reason and in light of the Executive’s reduced time commitment, the Executive shall not be eligible to participate in the Company’s short-term or long-term disability plans), (ii) reimbursement, in accordance with policies and procedures established by the Company from time to time, for all items of expense reasonably and necessarily incurred by the Executive on behalf of the Company, and (iii) such holidays as are generally available to employees of the Company.
5. Termination by Death or Disability.
(a) Should the Executive die during the term of employment, the Company shall be obligated to pay any salary and benefits to which the Executive may be entitled until the end of the bi-weekly payroll period in which the death occurs, and the Company shall pay to the Executive’s personal representatives amounts equal to and payable at the same time as the installments of Base Salary theretofore regularly paid to the Executive for a period equal to the greater of (i) the remainder of the initial term of this Agreement, or (ii) 90 days.
(b) Should the Executive be unable to perform substantially all duties of employment for 90 consecutive days because of a physical or mental disability, the Company shall then have the right to terminate the Executive’s employment by giving the Executive 30 days’ written notice. After the date of termination, the Company shall pay to the Executive or the Executive’s personal representatives amounts equal to and payable at the same time as the installments of Base Salary theretofore regularly paid to the Executive for a period equal to the greater of (i) the remainder of the initial term of this Agreement, or (ii) 90 days from the date of termination.
A condition of disability under this Agreement shall be determined by the Board of Directors on the basis of (i) the Executive being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (ii) the Executive, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.
6. Termination for Cause. The Company, by action of its Board of Directors, may at any time elect to terminate its obligations under this Agreement for “cause” and remove the Executive from employment. Termination for cause shall be made upon 30 days’ written notice, and upon expiration of the 30-day notice period, all obligations of the Company to the Executive under this Agreement shall cease.
For purposes of this Agreement “cause” shall be only the following:
(a) continued and deliberate neglect by the Executive, after receipt of notice thereof, of employment duties other than as a result of the Executive’s physical or mental disability;
(b) willful misconduct of the Executive in connection with the performance of his duties, including by way of example but not limitation, misappropriation of funds or property of the Company; securing or attempting to secure personally any profit in connection with any transaction entered into on 

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behalf of the Company or violation of any code of conduct or standards of ethics applicable to employees of the Company;
(c) conduct by the Executive which may result in material injury to the reputation of the Company if the Executive were retained in his position with the Company, including by way of example but not limitation, commission of a felony, bankruptcy, insolvency or general assignment for the benefit of creditors;
(d) active disloyalty such as aiding a competitor;
(e) the Executive’s inability to obtain or maintain any required regulatory approvals or authorizations necessary for the Executive to perform his duties under the Agreement; or
(f) a breach by the Executive of Section 8 or 9 of this Agreement.
7. Other Termination.
(a) If the Executive resigns or voluntarily leaves the employ of the Company, the Company’s obligations to the Executive under this Agreement shall terminate and the Company shall have no further liability to the Executive under this Agreement; provided, however, if the Executive voluntarily leaves the employ of the Company by virtue of the Company’s failure to comply with any terms of this Agreement, then the Executive shall be entitled to the identical compensation and benefits set forth in Section 7 (b) hereof.
(b) The Company, by action of its Board of Directors, may at any time elect to terminate its obligations under this Agreement without cause and remove the Executive from employment on 30 days’ written notice. If the Company elects to terminate the Executive’s employment without cause, then the Executive shall be entitled to receive, subject to compliance by the Executive with the provisions of Sections 8 and 9 of this Agreement, the Base Salary and benefits for a period equal to the greater of (i) the remainder of the initial term of this Agreement, or (ii) 90 days from the date of termination.
8. Confidential Information and Trade Secrets. As consideration for and to induce the employment of the Executive by the Company, the Executive agrees that:
(a) Except to the extent such information is generally known to the public or in the industry in which the Company and its subsidiaries and corporate affiliates are engaged all information relating to or used in the business and operations of the Company and its subsidiaries and corporate affiliates (including, without limitation, marketing methods and procedures, customer lists, lists of professionals referring customers to the Company and its subsidiaries and corporate affiliates, sources of supplies and materials and business systems and procedures), whether prepared, compiled, developed or obtained by the Executive or by the Company or any of its subsidiaries or corporate affiliates before or during the term of this Agreement, are and shall be confidential information and trade secrets (“Confidential Information”) and the exclusive property of the Company, its subsidiaries and corporate affiliates.

(b) All records of and materials relating to Confidential Information, whether in written form or in a form produced or stored by any electrical or mechanical means or process and whether prepared, compiled or obtained by the Executive or by the Company or any of its subsidiaries or corporate affiliates before or during the term of this Agreement, are and shall be the exclusive property of the Company or its subsidiaries or corporate affiliates, as the case may be.
(c) Except in the regular course of his employment or as the Company may expressly authorize or direct in writing, the Executive shall not, during or after the term of this Agreement and his employment by the Company, copy, reproduce, disclose or divulge to others, use or permit others to see any Confidential Information or any records of or materials relating to any such Confidential Information. 

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The Executive further agrees that during the term of this Agreement and his employment by the Company he shall not remove from the custody or control of the Company or its subsidiaries or corporate affiliates any records of or any materials relating to such Confidential Information and that upon the termination of this Agreement he shall deliver the same to the Company and its subsidiaries and corporate affiliates.
(d) Nothing in this Section 8 shall prohibit the Executive from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  It is acknowledged that no prior authorization of the Company is needed to make any such report or disclosure and that the Executive is not required to notify the Company of such report or disclosure.
9. Covenants.
A. As consideration for and to induce the employment of the Executive by the Company, the Executive agrees that, except in the regular course of his employment or as the Company may expressly authorize or direct in writing, the Executive shall not, during the term of this Agreement and for a period of two (2) years immediately following the termination of this Agreement, directly or indirectly, either as an individual for his own account, as a partner or joint venturer with any other person or entity, as an employee, consultant, advisor, agent or representative of any other person or entity or as an officer, director or shareholder of any corporation, (i) own, manage, operate, join, control or participate in the ownership, management, operation or control of, or serve as an employee, consultant, advisor, agent or representative of any corporation, association, partnership, proprietorship or other business entity that is engaged in any business activity, directly or indirectly, in competition with any of the insurance-related business operations or activities of the Company or any of its subsidiaries or corporate affiliates, or (ii) employ or offer to employ or retain the services of any officer, employee or agent then employed or retained by the Company or any of its subsidiaries or corporate affiliates or induce, encourage or solicit any such officer, employee or agent to leave the employment or service of the Company or any of its subsidiaries or corporate affiliates. This provision shall not, however, restrict the Executive from making any investments in any company whose stock is listed on a national securities exchange or actively traded in the over-the-counter market, so long as such investment does not give the Executive the right to control or influence the policy decisions of any such business or enterprise which is or might be directly or indirectly in competition with any of the business operations or activities of the Company or any of its subsidiaries or corporate affiliates.
B. The Executive acknowledges that he has granted to the Company the exclusive right in perpetuity to use his surname as part of its corporate name for and in connection with all business of whatever kind and character conducted previously or in the future by the company or any of its subsidiaries or corporate affiliates. The Executive hereby covenants and agrees that he shall not hereafter grant to any other person, firm or corporation the right to use and he shall not himself use (except in the regular course of his employment by the Company hereunder or as the Company may expressly authorize or direct in writing) his name as part of the corporate, firm or trade name or trademark of any firm, entity, corporation or business that engages in any business activity directly or indirectly in competition with any of the business operations or activities of the Company or any of its subsidiaries or corporate affiliates.
10. Survival of Covenants and Remedies. The agreements made by the Executive in Sections 8 and 9 shall survive the termination of this Agreement and the Executive’s employment. Each such agreement by the Executive shall be construed as an agreement independent of any other provision of this Agreement, and the existence of any claim or cause of action by the Executive against the Company shall not constitute a defense to the enforcement of the provisions of Section 8 or 9. The Executive acknowledges and agrees that the Company will sustain irreparable injury in the event of a breach or threatened breach 

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by the Executive of the provisions of Section 8 or 9 and that the Company does not and will not have any adequate remedy at law for such breach or threatened breach. Accordingly, the Executive agrees that if he breaches or threatens to breach any such covenant or agreement, the Company shall be entitled to immediate injunctive relief. The foregoing shall not, however, be deemed to limit the Company’s remedies at law or in equity for any such breach or threatened breach.
11. Notices. All notices, consents and other communications under this Agreement shall be in writing and shall be deemed to have been given, delivered or made when delivered personally or when mailed by registered or certified mail, postage prepaid and return receipt requested, addressed to the Company at its principal office in Richmond, Virginia, and to the Executive at his residence as shown upon the employment records of the Company, or to such other address as either party may by notice specify to the other.
12. Modification. No provision of this Agreement, including any provision of this paragraph, may be modified, deleted or amended in any manner except by an agreement in writing executed by the Executive and the Company.

13. Benefit. All of the terms of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the Company and its successors and assigns and by the Executive and his heirs and personal representatives.
14. Construction. This Agreement is executed and delivered in the Commonwealth of Virginia and shall be construed and enforced in accordance with the laws of such state. THE EXECUTIVE AND THE COMPANY AGREE THAT THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA OR THE CIRCUIT COURT FOR THE COUNTY OF HENRICO, VIRGINIA SHALL HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES ARISING OUT OF OR RELATED TO THIS AGREEMENT.
15. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision.
In addition, if, at the time of enforcement of this Agreement, a court holds that any restriction stated in this Agreement is unreasonable under the circumstances then existing, the parties agree that the maximum restriction reasonable under such circumstances shall be substituted for the stated restriction.
16. Headings. The underlined headings provided in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.
17. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original.
18. Delay in Payments. In response to the American Jobs Creation Act of 2004, any payments under this Agreement that are treated as made under a deferred compensation plan for purposes of Internal Revenue Code (“Code”) Section 409A are intended to meet the requirements of Code Section 409A(a)(2)(B) and any regulations and other guidance under that section. Therefore, if the Executive is a “specified employee” for purposes of Code Section 409A, no payment shall be made before the date provided in Code Section 409A(a)(2)(B) and all payments otherwise payable during that period shall be made to the Executive as soon as possible after the date provided in Code Section 409A(a)(2)(B).

[Signature Page Follows]

5

	
					
	/s/ Steven A. Markel
	 
	MARKEL CORPORATION
	 

	Executive
	 
	 
	 
	 

	 
	 
	By:
	/s/ Alan I. Kirshner
	 

	 
	 
	Title:
	Chief Executive Officer
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

6Exhibit

Exhibit 10.1

SEVENTH AMENDMENT
TO
CREDIT AGREEMENT
DATED AS OF OCTOBER 30, 2015
AMONG
CARRIZO OIL & GAS, INC., 
AS BORROWER,
THE GUARANTORS PARTY HERETO,
WELLS FARGO BANK, NATIONAL ASSOCIATION, 
AS ADMINISTRATIVE AGENT,
AND
THE LENDERS PARTY HERETO

WELLS FARGO SECURITIES, LLC,
AS SOLE LEAD ARRANGER AND BOOKRUNNER

        

SEVENTH AMENDMENT TO CREDIT AGREEMENT
THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Seventh Amendment”) dated as of October 30, 2015, among CARRIZO OIL & GAS, INC., a Texas corporation (the “Borrower”); each of the undersigned guarantors (the “Guarantors”); the Lenders listed on the signature pages hereto; and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).
R E C I T A L S
WHEREAS, the Borrower, the Administrative Agent, the Lenders and the other Agents party thereto are parties to that certain Credit Agreement dated as of January 27, 2011 (as amended by that certain First Amendment dated as of March 26, 2012, that certain Resignation, Consent and Appointment Agreement dated as of April 20, 2012, that certain Second Amendment dated as of September 4, 2012, that certain Third Amendment dated as of September 27, 2012, that certain Fourth Amendment dated as of October 9, 2013, that certain Fifth Amendment dated as of October 7, 2014, that certain Sixth Amendment dated as of May 5, 2015 and as otherwise amended, supplemented or modified, the “Credit Agreement”), pursuant to which the Lenders have made certain credit and other financial accommodations available to and on behalf of the Borrower. 
WHEREAS, the Borrower has requested that the Lenders amend certain provisions of the Credit Agreement, and the Lenders are willing to do so on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Seventh Amendment, and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Seventh Amendment.  Unless otherwise indicated, all section and article references in this Seventh Amendment refer to sections and articles of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Amendments to Section 1.02:  Section 1.02 is hereby amended by adding, amending or restating, as the case may be, the following defined terms as follows:
“‘Agreement’ means this Credit Agreement, as amended by that certain First Amendment to Credit Agreement dated as of March 26, 2012, that certain Resignation, Consent and Appointment Agreement dated as of April 20, 2012, that certain Second Amendment to Credit Agreement dated as of September 4, 2012, that certain Third Amendment to Credit Agreement dated as of September 27, 2012, that certain Fourth Amendment to Credit Agreement dated as of October 9, 2013, that 

        

certain Fifth Amendment to Credit Agreement dated as of October 7, 2014, that certain Sixth Amendment dated as of May 5, 2015 and that certain Seventh Amendment dated as of October 30, 2015 as the same may from time to time be further amended, modified, supplemented or restated.
‘Approved Counterparty’ means (a) any Lender or any Affiliate of a Lender, (b) any other Person whose long term senior unsecured debt rating is A-/A3 by S&P or Moody’s (or their equivalent) or higher (at the time the Hedge Agreement is entered into) or any subsidiary of such Person for whom such Person has provided a Guarantee in form and substance reasonably acceptable to the Administrative Agent on behalf of such subsidiary and (c) any other Person listed on Schedule 1.02.”
2.2    Amendment to Section 9.01(a).  Section 9.01(a) is hereby amended by deleting the ratio grid in such Section in its entirety and replacing it with the following ratio grid:
	
		
	Fiscal Quarter Ending
	Ratio

	September 30, 2015 through December 31, 2016
	4.75 to 1.00

	March 31, 2017 through December 31, 2017
	4.375 to 1.00

	March 31, 2018 and thereafter
	4.00 to 1.00

2.3    Amendment to Schedule 1.02.  Schedule 1.02 is hereby amended and replaced in its entirety with Schedule 1.02 attached on Annex I of this Seventh Amendment.
Section 3.    Borrowing Base and Aggregate Elected Commitment Amount.  From and after the Seventh Amendment Effective Date, the Borrowing Base is affirmed to be, and hereby is, equal to the amount of $685,000,000 and the Aggregate Elected Commitment Amount is affirmed to be $685,000,000, which Borrowing Base and Aggregate Elected Commitment Amount shall remain in effect until with respect to the Borrowing Base, the next Scheduled Redetermination or the Borrowing Base is otherwise redetermined or adjusted in accordance with the Credit Agreement and with respect to the Aggregate Elected Commitment Amount any adjustment pursuant to Section 2.07A.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 8.12(c) or Section 9.11.  Each of the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination of the Borrowing Base pursuant to this Section 3 shall constitute a Scheduled Redetermination.  This Section 3 constitutes notice of the redetermined Borrowing Base in accordance with Section 2.07(d) of the Credit Agreement.

Section 4.    Conditions Precedent.  This Seventh Amendment shall become effective on the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02) (such date, the “Seventh Amendment Effective Date”):
4.1    The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Seventh Amendment Effective Date and all other fees the Borrower has agreed to pay in connection with this Seventh Amendment, including, to the extent invoiced, 

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reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.
4.2    The Administrative Agent shall have received from the Required Lenders, the Borrower and the Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Seventh Amendment signed on behalf of such Person.
4.3    No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Seventh Amendment.
4.4    The Administrative Agent shall have received such other documents as the Administrative Agent or its counsel may reasonably require in connection with the transactions contemplated hereby.
The Administrative Agent is hereby authorized and directed to declare this Seventh Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such conditions as permitted in Section 12.02.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 5.    Miscellaneous.
5.1    Confirmation.  The provisions of the Credit Agreement, as amended by this Seventh Amendment, shall remain in full force and effect following the effectiveness of this Seventh Amendment.
5.2    Ratification and Affirmation; Representations and Warranties.  Each Credit Party hereby (a) acknowledges the terms of this Seventh Amendment; (b) ratifies and affirms (i) its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby, and (ii) that the Liens created by the Loan Documents to which it is a party are valid and continuing and secure the Obligations in accordance with the terms thereof, after giving effect to this Seventh Amendment; and (c) represents and warrants to the Lenders that on and as of the date hereof, and immediately after giving effect to the terms of this Seventh Amendment:
(i)    all of the representations and warranties of the Borrower and the Guarantors contained in the Loan Documents are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such specified earlier date, and
(ii)    no Default or Event of Default has occurred and is continuing.
5.3    Loan Document.  This Seventh Amendment is a Loan Document.

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5.4    Counterparts.  This Seventh Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Seventh Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
5.5    NO ORAL AGREEMENT.  THIS SEVENTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
5.6    GOVERNING LAW.  THIS SEVENTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
5.7    Payment of Expenses.  In accordance with Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Seventh Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
5.8    Severability.  Any provision of this Seventh Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
5.9    Successors and Assigns.  This Seventh Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
[SIGNATURES BEGIN NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to be duly executed as of the date first written above.

BORROWER:    CARRIZO OIL & GAS, INC.

By: /s/ David. L. Pitts    
David L. Pitts 
Vice President and Chief Financial Officer

GUARANTORS:
BANDELIER PIPELINE HOLDING, LLC,
CARRIZO (EAGLE FORD) LLC,
CARRIZO (MARCELLUS) LLC,
CARRIZO (MARCELLUS) WV LLC, 
CARRIZO MARCELLUS HOLDING INC.,
CARRIZO (NIOBRARA) LLC,
CARRIZO (PERMIAN) LLC,
CARRIZO (UTICA) LLC,
CLLR, INC., 
HONDO PIPELINE, INC.,
And
MESCALERO PIPELINE, LLC,

By: /s/ David L. Pitts    
David L. Pitts
Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

LENDERS:    WELLS FARGO BANK, NATIONAL 
    ASSOCIATION, as Administrative Agent  
    and a Lender 

By: /s/ Lila Jordan    
Name: Lila Jordan
Title: Managing Director

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

ROYAL BANK OF CANADA, as a Lender

By: /s/ Mark Lumpkin, Jr.    
Name: Mark Lumpkin, Jr. 
Title: Authorized Signatory

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

By: /s/ Michael Willis    
Name: Michael Willis
Title: Managing Director

By: /s/ Mark Roche    
Name: Mark Roche
Title: Managing Director

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

COMPASS BANK, as a Lender

By: /s/ Gabriela Albino    
Name: Gabriela Albino
Title: Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

CAPITAL ONE, N.A., as a Lender

By: /s/ Matthew Molero    
Name: Matthew Molero
Title: Senior Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

CITIBANK, N.A., as a Lender

By: /s/ Peter Kardos    
Name: Peter Kardos
Title: Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

GOLDMAN SACHS BANK USA, as a Lender

By: /s/ Jerry Li    
Name: Jerry Li
Title: Authorized Signatory

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

SOCIETE GENERALE, as a Lender

By: /s/ Elena Robciuc    
Name: Elena Robciuc
Title: Managing Director

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

REGIONS BANK, as a Lender

By: /s/ Kelly L. Elmore III    
Name: Kelly L. Elmore III
Title: Senior Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

By: /s/ Nupur Kumar    
Name: Nupur Kumar
Title: Authorized Signatory

By: /s/ Jayant Rao    
Name: Jayant Rao
Title: Authorized Signatory

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

MUFG UNION BANK, N.A. f/k/a UNION BANK, N.A., as a Lender

By: /s/ Michael Dombroski    
Name: Michael Dombroski
Title: Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

ASSOCIATED BANK, N.A., as a Lender

By: /s/ Farhan Iqbal    
Name: Farhan Iqbal
Title: Senior Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

KEYBANK NATIONAL ASSOCIATION, as a Lender

By: /s/ John Dravenstott    
Name: John Dravenstott
Title: Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

IBERIABANK, as a Lender

By: /s/ Stacy Goldstein    
Name: Stacy Goldstein
Title: Senior Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

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

By: /s/ Ronald E. McKaig    
Name: Ronald E. McKaig
Title: Managing Director

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

PNC BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ Denise He    
Name: Denise He
Title: Assistant Vice President

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

BMO HARRIS BANK, N.A., as a Lender

By: /s/ James V. Ducote    
Name: James V. Ducote
Title: Managing Director

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

THE BANK OF NOVA SCOTIA, as a Lender

By: /s/ Mark Sparrow    
Name: Mark Sparrow
Title: Director

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

COMERICA BANK, as a Lender

By: /s/ William Robinson    
Name: William Robinson
Title: Senior Vice President

    

Signature Page to Seventh Amendment
Carrizo Oil & Gas, Inc.

Annex I
Schedule 1.02
Approved Counterparties

BNP Paribas

JP Morgan Chase Bank, National Association

Shell Energy North America (US), L.P.

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