Document:

exv10w74

Exhibit 10.74

PROMISSORY NOTE

	 	 	 
	Borrower:

	 	Lender:
	 
	 	 
	Patriot Risk Management, Inc.

	 	Ullico Inc.
	PRS Group, Inc.

	 	1625 Eye Street, NW
	Guarantee Insurance Group, Inc.

	 	Washington, DC 20006
	Patriot Risk Services, Inc.
	 	 
	Patriot Risk Management of Florida, Inc.
	 	 
	SunCoast Capital, Inc.
	 	 
	401 East Las Olas Blvd.
	 	 
	Suite 1540
	 	 
	Ft. Lauderdale, FL 33301
	 	 

Date: 12/31/2008

Maturity Date: 04/15/2016

Loan Amount: $5,450,000

	 	 	 
	BORROWER’S NAME AND ADDRESS

	 	LENDER’S NAME AND ADDRESS
	 
	 	 
	“I” includes each borrower above, jointly and severally.

	 	“You” means the lender, its successors and assigns.

     For value received, I promise to pay to you, or your order, at your address listed above, the
PRINCIPAL sum of five million four hundred fifty thousand and no/100 Dollars $5,450,000.00.

	þ 	 	Single Advance: I will receive all of this principal sum on the
date hereof. No additional advances are contemplated under this
Note.
	 
	o 	 	Multiple Advance: The principal sum shown above is the maximum
amount of principal I can borrow under this Note. On
                                         I will receive the amount of
$                                         and future principal advances are contemplated.

Conditions: The conditions for future advances are                                                       
             
                
              
              
              
               

 

. 

	 	o 	 	Open End Credit: You and I agree that I may borrow up to the maximum amount of
principal more than one time. This feature is subject in all other conditions and expires
on                     .
	 
	 	o 	 	Closed End Credit: You and I agree that I may borrow up to the maximum only one time
(and subject to all other conditions).

	INTEREST: 	 	I agree to pay interest on the outstanding principal balance
from the date hereof at the variable rate set forth below:

 

 

þ Variable Rate:

	 	 	þ Index Rate: The future rate will be 4.500 percent above the following index rate: Prime
Rate, as published in The Wall Street Journal.
	 
	 	 	o No Index: The future rate will not be subject to any internal or external index. It
will be entirely in your control.
	 
	 	 	þ Frequency and Timing: The rate on this Note may change as often as every day beginning
12/31/2008. A change in the interest rate will take effect on the following day.
	 
	 	 	o Limitations: During the term of this loan, the applicable annual interest rate will not
be more than              
             
              % or less than   
                
                 
     %. The rate may not change more than
                                        % each                              
           .

Effect of Variable Rate: A change in the interest rate will have the following effect on the payments:

	 	þ	 	The amount of each scheduled payment will change.
	 
	 	o	 	The amount of the final payment will change.
	 
	 	o	 	              
               
               
                  
               
              
              
                 
               
              
         .

ACCRUAL METHOD: Interest will be calculated on an Actual/365 basis.

POST MATURITY RATE: I agree to pay interest on the unpaid balance of this Note owing after
maturity, and until paid in full, as stated below:

	 	þ	 	on the same fixed or variable rate basis in effect before maturity (as indicated above).
	 
	

	 	o	 	at a rate equal to            
               
               
                 
             
               
               
                
               
               
             .
	

	 	þ	LATE CHARGE: If a payment is made more than 5 days after it is due, I agree to pay a late charge of 5.000% of the
payment amount.
	 
	 	o	ADDITIONAL CHARGES: In addition to interest, I agree to pay the following charges which o are o are not
included in the principal amount above:           
                
                
                 
                 
                
                
                
                 
                   .

2

 

PAYMENTS: I agree to pay this Note as follows:

Commencing on January 15, 2009, I shall make 88 consecutive monthly payments of principal and
interest on this Note on the 15th day of each month during the term hereof so that all amounts
under this Note are repaid in full on the Maturity Date (April 15, 2016). The initial amount of
such monthly payments shall be $83,438.36, but this amount will change upon an adjustment to the
interest rate as provided herein. Any such adjustment to the amount of the monthly payment amount
shall be computed by re-amortizing the then-outstanding balance of this Note over the remaining
term of this Note at equal monthly payments at the new interest rate so that the balance of this
Note will be fully repaid as of the Maturity Date.

ADDITIONAL TERMS:

[1] See Commercial Loan Agreement and Addendum thereto dated as of even date hereof.

[2] The term following day referred to in “Frequency and Timing” above refers to the next business
day following a change in the Prime Rate as reported in The Wall Street Journal.

[3] As referenced in “Effects of Variable Rate” above, the payments will change on the 15th day of
the calendar month following the month during which the rate changed.

[4] Notwithstanding any other provision of this Note, Borrower shall pay a prepayment premium equal
to 10% during the first twelve [12] months following the date of this Note, 8% during the second
twelve [12] months following the date of this Note [that is, months 13 through 24], and 6% during
the third twelve [12] months following the date of this Note [that is, months 25 through 36]. This
prepayment premium shall not apply after the thirty-sixth month following the date of this Note.

[5] See Addendum A dated as of even date hereof attached hereto and incorporated herein by this
reference.

	 	 	 
	þ SECURITY: This Note is
separately secured by
(describe separate document
by type and date):
Commercial Security
Agreement and Stock Pledge
Agreements related hereto,
each dated as of even date
hereof. [This section is
for your internal use.
Failure to list a separate
security document does not
mean the agreement will not
secure this Note.]

	 	PURPOSE: The purpose of this
loan is set forth in the
Commercial Loan Agreement dated
as of even date hereof.

                                                                                

3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE  
(INCLUDING THOSE ON ADDENDUM A). I have received a
copy on today’s date.	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Signature for Lender:	 	 	 	BORROWER:	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ULLICO INC.	 	 	 	PATRIOT RISK MANAGEMENT, INC.,
a Delaware corporation	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ James M. Paul	 	 	 	By:	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	James M. Paul
	 	 	 	 	 	Name:
	 	Steven M. Mariano	 
	 

	 	Title:
	 	Senior V.P., Chief Operating Officer
	 	 	 	 	 	Title:
	 	President and Chief Executive Officer	 

	 	 	 	 	 
	 	PRS GROUP, INC.,

a Delaware corporation

 	 
	 	By:  	
 	 
	 	 	Name:  	Steven M. Mariano 	 
	 	 	Title:  	Chairman 	 
	 
	 	GUARANTEE INSURANCE GROUP, INC.,

a Delaware corporation

 	 
	 	By:  	
 	 
	 	 	Name:  	Steven M. Mariano 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	PATRIOT RISK SERVICES, INC.,

a Delaware corporation

 	 
	 	By:  	
 	 
	 	 	Name:  	Steven M. Mariano 	 
	 	 	Title:  	Chairman 	 
	 

(Signature Page to Promissory Note)

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE  
(INCLUDING THOSE ON ADDENDUM A). I have received a
copy on today’s date.	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	
	Signature for Lender:	 	 	 	BORROWER:	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	
	ULLICO INC.	 	 	 	PATRIOT RISK MANAGEMENT, INC.,
a Delaware corporation	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	
	By:	 	 	 	 	 	 	 	By:	 	/s/ Steven M. Mariano	
	 	 	 	 	 	 	 	 	 	
	 

	 	Name:
	 	
	 	 	 	 	 	Name:
	 	Steven M. Mariano	
	 

	 	Title:
	 	 
	 	 	 	 	 	Title:
	 	President and Chief Executive Officer	

	 	 	 	 	 
	 	PRS GROUP, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Eric S. Dawson
 	 
	 	 	Name:  	Eric S. Dawson 	 
	 	 	Title:  	Secretary 	 
	 
	 	GUARANTEE INSURANCE GROUP, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Steven M. Mariano
 	 
	 	 	Name:  	Steven M. Mariano 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	PATRIOT RISK SERVICES, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Eric S. Dawson
 	 
	 	 	Name:  	Eric S. Dawson 	 
	 	 	Title:  	Secretary 	 
	 

(Signature Page to Promissory Note)

 

 

	 	 	 	 	 
	 	PATRIOT RISK MANAGEMENT OF FLORIDA, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Steven M. Mariano
 	 
	 	 	Name:  	Steven M. Mariano 	 
	 	 	Title:  	Chairman 	 
	 
	 	SUNCOAST CAPITAL, Inc.,

a Delaware corporation

 	 
	 	By:  	/s/ Steven M. Mariano
 	 
	 	 	Name:  	Steven M. Mariano 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

(Signature Page to Promissory Note (Continued))

 

 

ADDENDUM A

     DEFINITIONS: As used on page 1, “þ” means, the terms that apply to this loan. “I,” “me”
or “my” means each Borrower who signs this Note and each other person or legal entity (including
guarantors, endorsers, and sureties) who agrees to pay this Note (together referred to as “us”).
“You” or “your” means the Lender and its successors and assigns.

     APPLICABLE LAW: The law of the State of Delaware (without regard to its conflict of laws
principles) will govern this Note. Any term of this Note which is contrary to applicable law will
not be effective, unless the law permits you and me to agree to such a variation. If any provision
of this agreement cannot be enforced according to its terms, this fact will not affect the
enforceability of the remainder of this agreement. No modification of this agreement may be made
without your express written consent. Time is at the essence in this agreement.

     COMMISSIONS OR OTHER REMUNERATION: I understand and agree that any insurance premiums paid to
insurance companies as part of this Note will involve money retained by you or paid back to you as
commissions or other remuneration.

     In addition, I understand and agree that some other payments to third parties of this Note may
also involve money retained by you or paid back to you as commissions or other remuneration.

     PAYMENTS: Each payment I make on this Note will first reduce that amount l owe you for charges
which are neither interest nor principal. The remainder of each payment will then reduce accrued
unpaid interest, and then unpaid principal. If you and I agree to a different application of
payments, we will describe our agreement on this Note. I may prepay a part of, or the entire
balance of this loan without penalty, unless we specify to the contrary on this Note. Any partial
prepayment will not excuse or reduce any later scheduled payment until this Note is paid in full
(unless, when I make the prepayment, you and I agree in writing to the contrary).

     INTEREST: Interest accrues on the principal remaining unpaid from time to time, until paid in
full. If I receive the principal in more than one advance, each advance will start to earn interest
only when I receive the advance. The interest rate in effect on this Note at any given time will
apply to the entire principal advanced at that time. Notwithstanding anything to the contrary, I do
not agree to pay and you do not intend to charge any rate of interest that is higher than the
maximum rate of interest you could charge under applicable law for the extension of credit that is
agreed to here (either before or after maturity). If any notice of interest accrual is sent and is
in error, we mutually agree to correct it, and if you actually collect more interest than allowed
by law and this agreement, you agree to refund it to me.

     INDEX RATE: The index will serve only as a device for setting the rate on this Note. You do
not guarantee by selecting this index, or the margin, that the rate on this Note will be the same
rate you charge on any other loans or class of loans to me or other borrowers.

 

 

     ACCRUAL METHOD: The amount of interest that I will pay on this loan will be calculated using
the interest rate and accrual method stated on the cover pages of this Note. For the purpose of
interest calculation, the accrual method will determine the number of days in a year. If no accrual
method is stated, then you may use any reasonable accrual method for calculating interest.

     POST MATURITY RATE: For purposes of deciding when the “Post Maturity Rate” (shown on the cover
pages of this Note) applies, the term “maturity” means the date at the last scheduled payment
indicated on the cover pages of this Note or the date you accelerate payment on the Note, whichever
is earlier. SINGLE ADVANCE LOANS. If this is a single advance loan, you and I expect that you will
make only one advance of principal. However, you may add other amounts to the principal if you make
any payments described in the “PAYMENTS BY LENDER” paragraph below. MULTIPLE ADVANCE LOANS: If this
is a multiple advance loan, you and I expect that you will make more than one advance of principal.
If this is closed end credit, repaying a part of the principal will not entitle me to additional
credit.

     PAYMENTS BY LENDER: If you are authorized to pay, on my behalf, charges I am obligated to pay
(such as property insurance premiums,) then you may treat those payments made by you as advances
and add them to the unpaid principal under this Note, or you may demand immediate payment of the
charges.

     SET-OFF: I agree that you may set off any amount due and payable under this Note against any
right I have to receive money from you.

     “Right to receive money from you” means:

     [1] any deposit account balance I have with you;

     [2] any money award to me on an item presented to you or in your possession for collection or
exchange; and

     [3] any repurchase agreement or other non deposit obligation.

     “Any amount due and payable under this Note” means the total amount of which you are entitled
to demand payment under the terms of this Note at the time you set-off. This total includes any
balance the due date for which you properly accelerate under this Note.

     If my right to receive money from you is also owned by someone who has not agreed to pay this
Note, your right of set-off will apply to my interest in the obligation and to any other amounts I
could withdraw on my sole request or endorsement. Your right of set-off does not apply to an
account or other obligation where my rights are only as a representative, it also does not apply to
any Individual Retirement Account or other tax-deferred retirement account.

     You will not be liable for the dishonor of any check when the dishonor occurs because you
set-off this debt against any of my accounts. I agree to hold you harmless from any such claims
arising as a result of your exercise of your right of set-off:

2

 

     REAL ESTATE OR RESIDENCE SECURITY: If this Note is secured by real estate or a residence that
is personal property, the existence of a default and your remedies for such a default will be
determined by applicable law, by the terms of any separate instrument creating the security
interest and, in the extent not prohibited by law and not contrary in the terms of the separate
security Instrument, by the “Default” and “Remedies” paragraphs herein.

     DEFAULT: I will be in default if any one or more of the following occur:

     (1) Borrower makes any written statement or provides any financial information that is untrue
or inaccurate at the time it was/is provided and within 30 days of written notice to Borrower by
Lender, Borrower fails to take the action necessary to make the written statement or financial
information provided to Lender true and accurate;

     (2) Any collateral securing this Note is used in a manner or for a purpose which threatens
confiscation by a legal authority;

     (3) Any Borrower changes its name or assumes an additional name without first notifying Lender
before making such a change; and/or

     (4) An Event of Default continues under the terms of the Commercial Loan Agreement signed by
Borrower of even date herewith after the expiration of any applicable notice, grace and/or cure
periods.

     REMEDIES: If I am in default on this Note you have, but are not limited to the following
remedies:

     (1) You may demand immediate payment of all I owe you under this Note [principal accrued
unpaid interest and other accrued charges].

     (2) You may set-off this debt against any right I have to the payment of money from you,
subject to the terms at the set-off paragraph herein.

     (3) You may demand security, additional security, or additional parties to be obligated to pay
this Note, as a condition for not using any other remedy.

     (4) You may refuse to make advances to me or allow purchases on credit by me.

     (5) You may use any remedy you have under state or federal law. By selecting anyone or more of
those remedies you do not give up your right to later use any other remedy. By waiving your right
to declare an event to be a default, you do not waive your right to later consider the event as a
default if it continues or happens again.

     COLLECTION COSTS AND ATTORNEY’S FEES: I agree to pay all costs of collection, replevin or any
other or similar type of cost if I am in default. In addition, if you hire an attorney to collect
this Note, I also agree to pay any fee you incur with such attorney plus court costs (except where
prohibited by law). To the extent permitted by the United States Bankruptcy Code, I also agree to
pay the reasonable attorney’s fees and cost you incur to collect this debt as awarded by any court
exercising jurisdiction under the Bankruptcy Code.

3

 

     WAIVER: I Give up my rights to require you to do certain things. I will not require you to:

     [1] demand payment of amounts due presentment;

     [2] obtain official certification of nonpayment protest; or

     [3] give notice that amounts due have not been paid (notice of dishonor).

     I waive any defenses I have based and notice of dishonor or impairment of collateral.

     OBLIGATIONS INDEPENDENT: I understand that I must pay this Note even if someone else has also
agreed to pay it (by, for example, signing this loan or a separate guarantee or endorsement). You
may sue me alone or anyone else who is obligated on this Note, or any number of us together, to
collect this Note. You may do so without any notice that it has not been paid (notice of dishonor).
You may without notice release any party to this agreement without releasing any other party. If
you give up any of your rights, with or without notice, it will not affect my duty to pay this
Note. Any extension of new credit to any of us, or renewal of this Note by all of less than all us,
will not release me from my duty to pay it. [Of course, you are entitled to one payment in full.] I
agree that you may at your option extend this Note or the debt represented by this Note, or any
portion of the Note or debt from time to time, without limit or notice and for any term without
affecting my liability for payment of the Note. I will not assign my obligation under this
agreement without your prior written approval,

     FINANCIAL INFORMATION: I agree to provide you, upon request, any financial statement or
information you may deem necessary. I warrant that the financial statement and information I
provide to you are or will be current, correct and complete.

     NOTICE: Unless otherwise required by law, any notice to me shall be given by delivering it or
mailing it by first class mail addressed to me at my last known address. My current address is on
the cover pages of this Note. I agree to inform you in writing of any change in my address. I will
give any notice to you by mailing it first class to your address dated on the cover pages of this
agreement or to any other address that you have designated.

4exv10w2

Exhibit 10.2

Execution Copy

FIRST AMENDMENT TO FORBEARANCE AND AMENDMENT AGREEMENT

     This FIRST AMENDMENT TO FORBEARANCE AND AMENDMENT AGREEMENT (the “Amendment”) is made
as of September 30, 2009, by and among THE MERIDIAN RESOURCE CORPORATION, a Texas corporation (the
“Borrower”), the undersigned Guarantors (the “Guarantors”), the several banks,
financial institutions and other entities from time to time parties to the Credit Agreement (as
defined below) (collectively, the “Lenders”), and FORTIS CAPITAL CORP. (“Fortis” or the
“Administrative Agent”), as administrative agent for the Lenders.

RECITALS:

     WHEREAS, the Borrower, Fortis as Administrative Agent, and the Lenders have entered into an
Amended and Restated Credit Agreement dated as of December 23, 2004, as amended by that certain
First Amendment to Credit Agreement dated as of February 25, 2008, further amended by that certain
Second Amendment to Credit Agreement dated as of December 19, 2008, and further amended by the
Forbearance Agreement (defined below) (as so amended, the “Credit Agreement”);

     WHEREAS, the Borrower, the Guarantors, Fortis as Administrative Agent, and the Lenders have
entered into that certain Forbearance and Amendment Agreement dated as of September 3, 2009 (the
“Forbearance Agreement”);

     WHEREAS, the Borrower has requested that the Administrative Agent and Lenders extend the time
for performance by the Borrower of certain conditions subsequent required under the Forbearance
Agreement and the Administrative Agent and Lenders have agreed to do so under the terms and
conditions set forth in this Amendment.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, and intending to be legally bound, each of the Administrative Agent, the
Lenders, the Borrower and the Guarantors agree as follows:

     1. Definitions. Capitalized terms defined in the Recitals section of this Amendment
are incorporated herein by this reference and are used herein as so defined. Capitalized terms
used and not defined in this Amendment (including in the Recitals section of this Amendment) shall
have the meanings assigned to such terms in the Forbearance Agreement and the Credit Agreement.

     2. Amendment to the Forbearance Agreement. The Borrower, the Guarantors,
Administrative Agent and the Lenders agree that the Forbearance Agreement will be amended as
follows:

     (a) Conditions Subsequent. Section 10(a) of the Forbearance Agreement
is amended to replace the date “September 30, 2009” contained therein with the date
“October 2, 2009”.

1st
Amendment to Forbearance Agreement [Meridian]

1

 

     3. Ratifications, Representations and Warranties.

     (a) Ratification of Loan Documents and Liens. Except as expressly modified and
superseded by this Amendment, the terms and provisions of the Loan Documents are ratified and
confirmed and shall continue in full force and effect. Each Credit Party, the Administrative Agent
and Lenders agree that the Loan Documents shall continue to be legal, valid, binding and
enforceable in accordance with their respective terms. Each Credit Party further expressly
acknowledges and agrees that the Lenders have a valid, non-avoidable, enforceable and perfected
security interest in and lien against each item of collateral described in the Security Documents,
and that such security interest and lien secures the payment Obligations and the performance of all
other obligations of the Borrower under the Loan Documents.

     (b) General Representations and Warranties. Each Credit Party hereby jointly and
severally represents and warrants to the Administrative Agent and Lenders that (i) the execution,
delivery and performance of this Amendment has been duly authorized by all requisite organizational
action on the part of such Credit Party and will not violate the constituent organizational
documents of such Credit Party, contravene any contractual restriction, any law, rule or regulation
or court or administrative decree or order binding on or affecting such Credit Party or result in,
or require the creation or imposition of any lien, security interest or encumbrance on any of the
properties of such Credit Party; (ii) this Amendment has been duly executed and delivered by each
Credit Party and is the legal, valid and binding obligation of each Credit Party, enforceable in
accordance with its terms; (iii) subject to the existence of the Designated Events of Default, the
representations and warranties contained in the Credit Agreement and any Loan Document are true
and correct on and as of the date hereof and on and as of the date of execution hereof as though
made on and as of each such date; (iv) except for the Designated Events of Default, no Default or
Event of Default under the Credit Agreement has occurred and is continuing; (v) except for the
Designated Events of Default, such Credit Party is in full compliance with all covenants and
agreements contained in the Loan Documents; and (vi) absent the effectiveness of this
Amendment, the Administrative Agent and Lenders are entitled to exercise immediately their
respective rights and remedies under the Loan Documents, including, but not limited to, the right
to accelerate the maturity of the Obligations and enforce their rights and remedies under the
Security Documents.

     (c) Ratification of Guarantees. Each of the Guarantors hereby acknowledges and
consents to all of the terms and conditions of this Amendment and hereby ratifies and confirms its
respective guarantee under the Guarantee dated as of December 23, 2004 (the “Guarantee”)
for the benefit of the Administrative Agent and Lenders. Each Guarantor hereby represents and
acknowledges that the execution and delivery of this Amendment shall in no way change or modify its
obligations as a guarantor under the Guarantee and shall not constitute a waiver by either the
Administrative Agent or Lenders of any of either the Administrative Agent’s or Lenders’ rights
against such Guarantor.

2

 

     4. Conditions Precedent. This Amendment shall become effective (the “Effective
Date”) upon receipt by the Administrative Agent of a copy of this Amendment executed by the
Required Lenders.

     5. Miscellaneous Provisions.

     (a) Survival of Representations and Warranties. All representations and
warranties made in any Loan Document shall survive the execution and delivery of this
Amendment, and no investigation by the Administrative Agent or Lenders or any closing shall
affect the representations and warranties or the right of the Administrative Agent or
Lenders to rely upon them.

     (b) Limitation on Relationship between Parties. The relationship of the
Administrative Agent and Lenders, on the one hand, and the Credit Parties, on the other
hand, has been and shall continue to be, at all times, that of creditor and debtor. Nothing
contained in this Amendment, any instrument, document or agreement delivered in connection
therewith or in the Loan Documents shall be deemed or construed to create a fiduciary
relationship between the parties.

     (c) Expenses of the Administrative Agent or Lenders. The Borrower agrees to
pay on demand all reasonable costs and out-of-pocket expenses incurred by the Administrative
Agent and Lenders in connection with the preparation, negotiation, execution and
enforcement of this Amendment and any and all amendments, modifications, and
supplements thereto, including, without limitation, the reasonable costs and fees of the
Administrative Agent’s and Lenders’ legal counsel, and all costs and expenses incurred by
the Administrative Agent and Lenders in connection with the enforcement or preservation of
any rights under any Loan Document.

     (d) Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the
remainder of this Amendment and the effect thereof shall be confined to the provision so
held to be invalid or unenforceable.

     (e) Successors and Assigns; Third Party Beneficiaries. This Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns, except that no Credit Party may assign or transfer any of its rights or
obligations under this Amendment without the prior written consent of the
Administrative Agent, and no other Person shall have any right, benefit or interest under or
because of the existence of this Amendment.

     (f) Amendments; Interpretation. No amendment or modification of any
provision of this Amendment shall be effective without the written agreement of each Credit
Party and the Required Lenders, and no waiver of any provision of this Amendment or consent
to any departure by any Credit Party therefrom, shall in any event be effective without the
written concurrence of the Required Lenders. Any waiver or consent shall be effective only
in the specific instance and for the specific purpose for which it was given.

3

 

     (g) Counterparts. This Amendment may be executed by one or more of the parties
hereto in any number of separate counterparts, each of which when so executed shall be deemed to be
an original, but all of which when taken together shall constitute one and the same instrument, and
all signature pages transmitted by electronic transmission shall be considered as original executed
counterparts. Each party to this Amendment agrees that it will be bound by its own facsimile or
electronic signature and that it accepts the facsimile or electronic signatures of each other
party.

     (h) Headings. The headings, captions, and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment.

     (i) Further Assurances. Each Credit Party agrees to execute such other and further
documents and instruments as the Administrative Agent may request to implement the provisions of
this Amendment and to perfect and protect the liens and security interests created by the Credit
Agreement and the other Loan Documents.

     (j) Applicable Law. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS.

     (k) Release. EACH CREDIT PARTY HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, RECOUPMENT,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE
ASSERTED TO REDUCE OR ELIMINATE ALL, OR ANY PART OF ITS LIABILITY TO REPAY THE ANY OBLIGATIONS
ARISING UNDER THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR TO SEEK AFFIRMATIVE RELIEF OR
DAMAGES OF ANY KIND OR NATURE FROM THE ADMINISTRATIVE AGENT OR LENDERS (OR ANY OF THEM). EACH
CREDIT PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE ADMINISTRATIVE
AGENT AND LENDERS, THEIR RESPECTIVE PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ATTORNEYS, ACCOUNTANTS, CONSULTANTS, REPRESENTATIVES, OWNERS, AFFILIATES, SUCCESSORS,
TRANSFEREES AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS,
DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR
UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH SUCH CREDIT PARTY MAY NOW OR HEREAFTER HAVE AGAINST ANY RELEASED
PARTY, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION
OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM OR ARISING IN CONNECTION WITH ANY “LOANS”,
INCLUDING,

4

 

WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING
INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES
UNDER THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT, AND/OR NEGOTIATION OF, OR EXECUTION OF, THIS
AMENDMENT. IT IS AGREED THAT THE SCOPE OF THIS RELEASE UNDER THIS PARAGRAPH SHALL INCLUDE ALL
CLAIMS, DEMANDS OR CAUSES OF ACTION ARISING IN WHOLE OR PART FROM THE NEGLIGENCE OR STRICT LIABLITY
OF THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OTHER RELEASED PARTY. EACH CREDIT PARTY HEREBY
COVENANTS AND AGREES NEVER TO INSTITUTE ANY ACTION OR SUIT AT LAW OR IN EQUITY, NOR INSTITUTE,
PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF, ANY CLAIM, ACTION OR CAUSE OF
ACTION, RIGHTS TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST ANY OF THE RELEASED PARTIES
ARISING OUT OF OR RELATED TO A RELEASED PARTY’S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS
IN ADMINISTERING, ENFORCING, MONITORING, COLLECTING OR ATTEMPTING TO COLLECT, THE OBLIGATIONS,
INDEBTEDNESS AND OTHER OBLIGATIONS OF A CREDIT PARTY TO A RELEASED PARTY. EACH CREDIT PARTY AGREES
TO INDEMNIFY AND HOLD THE ADMINISTRATIVE AGENT AND EACH LENDER HARMLESS FROM ANY AND ALL MATTERS
RELEASED PURSUANT TO THIS PARAGRAPH. EACH CREDIT PARTY ACKNOWLEDGES THAT THE AGREEMENTS IN THIS
PARAGRAPH ARE INTENDED TO BE IN FULL SATISFACTION OF ALL OR ANY ALLEGED INJURIES OR DAMAGES TO EACH
CREDIT PARTY, ITS SUCCESSORS, AGENTS, ATTORNEYS, OFFICERS, DIRECTORS, ASSIGNS AND PERSONAL AND
LEGAL REPRESENTATIVES ARISING IN CONNECTION WITH SUCH MATTERS RELEASED PURSUANT TO THE OTHER
PROVISIONS OF THIS PARAGRAPH. EACH CREDIT PARTY REPRESENTS AND WARRANTS TO LENDER THAT IT HAS NOT
PURPORTED TO TRANSFER, ASSIGN OR OTHERWISE CONVEY ANY RIGHT, TITLE OR INTEREST OF A CREDIT PARTY IN
ANY RELEASED MATTER TO ANY OTHER PERSON AND THAT THE FOREGOING CONSTITUTES A FULL AND COMPLETE
RELEASE OF EACH CREDIT PARTY’S CLAIMS WITH RESPECT TO ALL SUCH MATTERS. THE PROVISIONS OF THIS
SECTION 5(k) AND THE REPRESENTATIONS, WARRANTIES, RELEASES, WAIVERS, REMISES, ACQUITTANCES,
DISCHARGES, COVENANTS, AGREEMENTS AND INDEMNIFICATIONS CONTAINED HEREIN (A) CONSTITUTE A MATERIAL
CONSIDERATION FOR AND INDUCEMENT TO THE ADMINISTRATIVE AGENT AND LENDERS ENTERING INTO THIS
AMENDMENT, (B) DO NOT CONSTITUTE AN ADMISSION OF OR BASIS FOR ESTABLISHING ANY DUTY, OBLIGATION OR
LIABILITY OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO A CREDIT PARTY OR ANY OTHER PERSON, (C) DO
NOT CONSTITUTE AN ADMISSION OF OR BASIS FOR ESTABLISHING ANY

5

 

LIABILITY, WRONGDOING, OR VIOLATION OF ANY OBLIGATION, DUTY OR AGREEMENT OF THE ADMINISTRATIVE
AGENT OR A LENDER TO A CREDIT PARTY OR ANY OTHER PERSON, AND (D) SHALL NOT BE USED AS EVIDENCE
AGAINST THE ADMINISTRATIVE AGENT OR A LENDER BY A CREDIT PARTY OR ANY OTHER PERSON FOR ANY PURPOSE.

     (l) Waiver of Jury Trial. EACH OF THE PARTIES HERETO KNOWINGLY AND VOLUNTARILY WAIVES
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT,
OR OTHERWISE, BETWEEN THE ADMINISTRATIVE AGENT AND LENDERS AND ANY CREDIT PARTY OR ANY OF THEIR
RESPECTIVE AFFILIATES ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED BETWEEN THEM IN THIS AMENDMENT. INSTEAD, ANY DISPUTES RESOLVED IN COURT WILL BE
RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

     (m) Submission to Jurisdiction. Each Credit Party agrees that all disputes among them
and the Administrative Agent or any Lender arising out of, connected with, related to, or
incidental to the relationship established between them in this Amendment, whether arising in
contract, tort, equity, or otherwise, shall be resolved only by the courts of the State of Texas,
the federal courts sitting therein, and appellate court from any thereof. Each Credit Party waives
in all disputes any objection that any of them may have to the location of the court considering
the dispute which court shall have been chosen in accordance with the foregoing.

     (n) Loan Documents. This Amendment shall constitute a Loan Document.

     (o) Final Agreement. THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS REPRESENT THE ENTIRE
EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS
EXECUTED. THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY
PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY EACH CREDIT
PARTY, THE ADMINISTRATIVE AGENT AND LENDERS.

[Signature Pages Follow]

6

 

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

	 	 	 	 	 
	 	THE CREDIT PARTIES

BORROWER:

THE MERIDIAN RESOURCE CORPORATION

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President — Finance 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GUARANTORS:

CAIRN ENERGY USA, INC.

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE MERIDIAN RESOURCE & EXPLORATION LLC

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	THE MERIDIAN PRODUCTION CORPORATION

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE MERIDIAN RESOURCE CORPORATION

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	FBB ANADARKO CORP.

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	TE TMR CORP.

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUNDANCE ACQUISITION CORPORATION

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	LOUISIANA ONSHORE PROPERTIES LLC

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	TMR DRILLING CORPORATION

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 
	 	TMR EQUIPMENT CORPORATION

 	 
	 	By:  	/s/ Steven G. Ives
 	 
	 	 	Name:  	Steven G. Ives 	 
	 	 	Title:  	Vice President 	 
	 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

FORTIS CAPITAL CORP.,

as Administrative Agent, Co-Lead Arranger, Bookrunner,

Issuing Lender, and a Lender

 	 
	 	By:  	/s/ Harry T. Nullet
 	 
	 	 	Name:  	Harry T. Nullet 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	
/s/ Johan Rutsaert
 	 
	 	 	Name:  	Johan Rutsaert	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE LENDERS:

THE BANK OF NOVA SCOTIA,

as Co-Lead Arranger, Syndication Agent, and a Lender

 	 
	 	By:  	/s/ Andrew Ostrov
 	 
	 	 	Name:  	Andrew Ostrov 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMERICA BANK,

as a Lender

 	 
	 	By:  	/s/ Matt Turner
 	 
	 	 	Name:  	Matt Turner 	 
	 	 	Title:  	Corporate Banking Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Justin Alexander
 	 
	 	 	Name:  	Justin Alexander 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ALLIED IRISH BANKS plc,

as a Lender

 	 
	 	By:  	/s/ Aidan Lanigan
 	 
	 	 	Name:  	Aidan Lanigan 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Joseph Augustini
 	 
	 	 	Name:  	Joseph Augustini 	 
	 	 	Title:  	Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]