Document:

Amendment dated August 29, 2008 by and between OmniComm Systems, Inc. and Gemini

 EXHIBIT 10.24 
 AMENDMENT 
 This AMENDMENT (“Amendment”) is made as of this 28th day of August, 2008 by and between
OMNICOMM SYSTEMS, INC., a Delaware corporation (“Company”), and                     ., a
                     corporation (“Holder”). 
 W I T N E S S E T H: 
 WHEREAS,
pursuant to that certain Securities Purchase Agreement (“Purchase Agreement”) dated as of February 29, 2008 by and between the Company and the Holder, among others, on or about February 29, 2008 the Company sold and issued
to the Holder (i) a 10% Secured Convertible Debenture Series 08 Due August 29, 2008 (“Debenture”), which Debenture is convertible into shares of common stock of the Company, $0.001 par value per share (“Common
Stock”), and (ii) a Common Stock Purchase Warrant Class 2008-1 to purchase up to                      shares of Common Stock
(“Warrant”); initial capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Purchase Agreement, the Debenture or the Warrant, as the case may be; and 
 WHEREAS, the Company wishes to extend the Maturity Date of the Debenture in consideration for the amendments and other terms set forth herein;

 NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth in this Amendment, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Debenture Term
Extension. Notwithstanding anything contained in the Debenture, the Debenture is hereby amended such that the “Maturity Date” as set forth therein shall be amended and extended to December 1, 2008. 
 Conversion Price Reduction. Notwithstanding anything contained in the Debenture, the Debenture is hereby amended such that the “Fixed Conversion Price”
as set forth therein shall be reduced from $0.59 to $0.50 (which new Fixed Conversion Price shall remain subject to adjustment as provided in the Debenture). 
 Warrant Price Reduction. Notwithstanding anything contained in the Warrant, the Warrant is hereby amended such that the “Exercise Price” as set forth therein shall be reduced from $0.75 to $0.60 (which new Exercise Price
shall remain subject to adjustment as provided in the Warrant) (“New Exercise Price”). Promptly following execution of this Amendment, the original Warrant shall be replaced with a substitute Warrant in the form of Exhibit A, which Warrant
contained in such Exhibit A has been redlined to show changes from the original Warrant. 
 Additional Warrant. The Company shall issue to the Holder
an additional Common Stock Purchase Warrant Class 2008-1 (“Additional Warrant”) to purchase up to 1,000,000 shares of Common Stock at the New Exercise Price with an Expiration Date of August 31, 2012, which Additional Warrant shall be
in the same form as the Warrant and delivered to the Holder within three (3) business days following the date hereof. 
 Personal Guarantee.
Contemporaneously with the execution and delivery of this Amendment, the Company shall cause the president of the Company, Cornelis F. Wit, to execute and deliver to the Holder a personal guarantee in the form of Exhibit B attached hereto
guaranteeing the obligations of the Company under the Debenture. 
 Rule 144. The Company acknowledges and agrees that, for purposes of Rule 144
promulgated under the Securities Act of 1933, as amended (“Securities Act”), the holding period for the shares of Common Stock issuable upon conversion or cashless exercise of, or otherwise pursuant to, the Debenture and/or Warrant shall
have commenced on February 29, 2008 (the date of original issuance of the Debenture and the Warrant). Without limiting the foregoing, if at any time it is determined that such holding period does not relate back to such date, the Company will
promptly cause the registration of all such underlying shares under the Securities Act (without regard to any beneficial ownership or issuance limitations contained in the Debenture and/or Warrant). In connection with any registration of shares of
Common Stock pursuant to this Section, the Company and the Holder shall enter into a registration rights agreement containing customary and reasonable provisions regarding the registration of securities under the Securities Act. 
  

 1 

 Disclosure. To the extent the transactions contemplated by this Amendment, either alone or together with other
similar transactions with other holders of Debentures, constitute material non-public information concerning the Company or are otherwise required to be publicly disclosed under the Securities Exchange Act of 1934, as amended, and the rules
promulgated thereunder, the Company shall, within three (3) business days following the date on which this Amendment is executed by all parties hereto, issue a press release and/or Current Report on Form 8-K disclosing the material terms of the
transactions contemplated hereby. The Company and the Investors shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby. 
 Security Continued. The Company’s obligations under the Debenture and Warrants, including without limitation this Amendment, the Debenture as
amended, the Warrant as amended and the Additional Warrant, shall be secured by all the assets of the Company pursuant to the security agreement entered into by the Company in favor of the Holder, among others, in connection with the Purchase
Agreement as if this Amendment, the Debenture as amended, the Warrant as amended and the Additional Warrant were each in effect at the time of execution of such security agreement and referenced therein. The Company shall execute such other
agreements, documents and financing statements reasonably requested by the Holder, which will be filed at the Company’s expense with the applicable jurisdictions and authorities. 
 Miscellaneous. 
 Full Force and Effect. Except as otherwise expressly provided herein, each of the Purchase
Agreement, the Debenture, the Warrant and the other agreements and transactions contemplated thereby (“Transaction Documents”), shall remain in full force and effect. Except for the modifications contained herein, this Amendment shall not
in any way waive or prejudice any of the rights or obligations of the Holder or the Company under the Transaction Documents, under any law, in equity or otherwise, and such modifications shall not constitute a waiver or modification of any other
provision of the Transaction Documents nor a waiver or modification of any subsequent default or breach of any obligation of the Company or of any subsequent right of the Holder. 
 Consent to Jurisdiction, Etc. Each of the Company and the Holder agree that any legal action or proceeding relating to or arising out of or under this Amendment may be brought in the state or federal courts
in the State of New York, County of New York, and each party accepts with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, the jurisdiction of the aforesaid courts. To the fullest
extent permitted by applicable law, each party hereby waives, and agrees not to assert, by way of motion, defense, counterclaim or otherwise, in any such suit, action or proceeding any claim that (i) it is not personally subject to the
jurisdiction of any of the above-named courts by reason of any immunity or otherwise, (ii) its properties are exempt or immune from setoff, execution or attachment, either prior to judgment or in aid of execution or (iii) any suit, action
or proceeding so brought is in an inconvenient forum or that the venue of the suit, action or proceeding is improper or that the subject matter hereof may not be enforced in or by such courts. 
 Authority. Each party hereto hereby represents and warrants to the other party that the execution and delivery by such party of this Amendment, and the
performance by such party of its obligations hereunder, have been duly and validly authorized by such party, with no other action on the part of such party being necessary. This Amendment has been duly and validly executed and delivered by such
party and constitutes a legal, valid and binding obligation of such party enforceable against such party in accordance with its terms. 
 Governing
Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York. 
 Notices. All
notices, requests and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally, by courier or by facsimile transmission or mailed (first class postage prepaid) to the parties at the
addresses or facsimile numbers set forth in the Purchase Agreement. 
  

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 Counterparts. This Amendment may be executed in any number of counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same instrument. This Amendment may be executed by facsimile. 
 Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated hereby. 
 *** Signatures Appear on the Next Page*** 
  

 3 

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

					
	OMNICOMM SYSTEMS, INC.
		
	By:	 	  

	
	  

	(Print Name)
	
	  

	(Title)	 	
		
	Holder.	 	
	By:	 	  

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 4Letter Agreement dated April 14, 2009

 Exhibit10.1 
  
 April 14, 2009 
  
 T. J. Thom 
 Energy Partners, Ltd. 
 201 St. Charles Avenue, Suite 3400 
 New Orleans, Louisiana 70170 
  

	 	Re:	Credit Agreement dated as of April 23, 2007, among Energy Partners, Ltd., a 

	 	  	Delaware corporation (the “Borrower”), Bank of America, N.A., as 

	 	  	Administrative Agent, Collateral Agent, and L/C Issuer (the “Administrative 

	 	  	Agent”) and the Lenders party thereto (the “Lenders”) (as amended, the “Credit 

	 	  	Agreement”). Capitalized terms used in this letter shall have the meanings given 

	 	  	to them in the Credit Agreement. 

 Dear Ms. Thom: 
 1. Background. The Borrower’s Borrowing Base was determined on March 11, 2009, pursuant to Section 2.15 of the Credit
Agreement (the “Determination”). As a result of the Determination, the Borrowing Base Deficiency is currently in the amount of $38,000,000. In accordance with Section 2.05 of the Credit Agreement, on March 23, 2009,
Borrower provided the Administrative Agent a plan to reduce the Borrowing Base Deficiency (the “Plan”). On March 24, 2009, the Administrative Agent, at the direction of the Lenders, notified the Borrower that the Plan was not
approved. In accordance with Section 2.05, the Borrower had until April 3, 2009, to pay the Borrowing Base Deficiency in full (the “Borrowing Base Deficiency Payment”), which was extended by the Administrative Agent
and the Required Lenders until April 14, 2009. 
 2. Requested Consent. The Borrower requests that the due date for the Borrowing
Base Deficiency Payment be extended (the “Payment Extension”) until May 1, 2009 (the “Extension Date”). Section 10.01 of the Credit Agreement permits the Borrowing Base Deficiency Payment to be
extended upon the written consent of the Required Lenders. 
 3. Representations and Warranties. The Borrower represents and warrants
to the Administrative Agent and the Lenders that (a) this consent agreement (this “Agreement”) is a Loan Document under the Credit Agreement and constitutes its legal, valid, and binding obligation, enforceable in accordance
with the terms hereof (subject as to enforcement of remedies to any Debtor Relief Laws), (b) the execution, delivery and performance by the Borrower and each other Loan Party of this Agreement, and the consummation of the transactions
contemplated thereby, do not and will not (i) require any consent, approval or license not already obtained, (ii) violate any applicable Law, or (iii) conflict with, result in a breach of, or constitute a default under the
organizational and governance documents of the Borrower or any other Loan Party, or under any material license, indenture, agreement or other instrument, to which the Borrower or any other Loan Party is a party or beneficiary of, or by its

 collateral may be bound, (c) except as otherwise disclosed to the Administrative Agent and the Lenders, there has
been no change, occurrence or development that has had a Material Adverse Effect, and (d) the Credit Agreement, as affected by this Agreement, and the other Loan Documents remain in full force and effect and are hereby reaffirmed. 

4. Acknowledgement of Existing Defaults and Standstill. Borrower acknowledges and agrees that certain Defaults or Events of Default have
occurred or will occur prior to the Extension Date, as disclosed to the Administrative Agent and the Lenders and as listed on Annex 1 attached hereto (the “Existing Defaults”). Borrower further acknowledges and agrees that
the Administrative Agent’s and each Required Lender’s execution of this Agreement is not a waiver of the Existing Defaults and as such, the Administrative Agent and each Lender has all rights and remedies afforded to them under the Loan
Documents, at Law or in equity, and nothing contained herein shall prohibit or affect the Administrative Agent or any Lender in exercising such rights and remedies except as provided herein. The Administrative Agent and the Required Lenders hereby
expressly agree that so long as the terms and conditions set forth in this Agreement are satisfied, neither the Agent nor the Lenders shall exercise any rights and remedies with respect to the Existing Defaults through the Extension Date.

 5. Consent. Notwithstanding anything to the contrary in the Credit Agreement and subject to the effectiveness of this Agreement,
the Required Lenders hereby consent to and expressly permit the Payment Extension subject to the conditions that (a) except for the Existing Defaults, all conditions, obligations and covenants of the Borrower and each other Loan Party under the
Credit Agreement, the other Loan Documents and herein are and shall continue to be complied with, (b) the Loan Parties shall comply with all requirements set forth in Section 7 of this Agreement and (c) each representation and
warranty contained herein shall be true and correct on the date hereof in all material respects. 
 6. Conditions Precedent. This
Agreement shall not be effective until the Administrative Agent shall have received the following: 
 (a) counterparts of this
Agreement executed by the Borrower, each other Loan Party, the Administrative Agent and the Required Lenders; 
 (b) evidence
that the fees and expenses of the Administrative Agent and the Lenders, including attorneys’ fees and expenses and including the fees and expenses of advisors to the Administrative Agent, have been paid, to the extent invoices were provided to
the Administrative Agent by April 13, 2009; and 
 (c) evidence that Account Number 710786913 maintained with Whitney
Bank has been closed. 
 7. Conditions Subsequent. In connection with the granting of the Payment Extension, the Loan Parties shall
comply with the following covenants through the Extension Date: 
 (a) on or before April 14, 2009, the Borrower shall
have issued an 8-K announcing that it does not intend to make the interest payment due on April 15, 2009 with respect to the Senior Notes; 
  

 2 

 (b) on or before April 22, 2009, the Borrower shall have provided the Administrative
Agent with a draft of its proposed plan to (i) satisfy the conditions of the Minerals Management Service’s Order of March 23, 2009 addressing, without limitation, the Borrower’s funding plan to fulfill the specific collateral
requirements set forth in such Order and (ii) convert the Senior Notes to equity; 
 (c) through the Extension Date, the
Loan Parties shall continue to cooperate with the Administrative Agent and its financial advisors in providing updated financial information, 13 week cash flow forecasts and similar information; 
 (d) the Loan Parties shall execute mortgages covering substantially all of the Loan Parties’ unencumbered Oil and Gas Properties
within five Business Days after the Administrative Agent provides to the Borrower such mortgages in form and substance acceptable to Administrative Agent; and 
 (e) the Loan Parties shall execute deposit account control agreements governing the Loan Parties’ accounts maintained with JPMorgan
Chase Bank, N.A., within two Business Days after the Administrative Agent provides to the Borrower such agreements in form and substance satisfactory to the Administrative Agent and to JPMorgan Chase Bank, N.A. 
 8. Termination. This Agreement shall immediately terminate upon the occurrence of one or more of the following: 
 (a) a breach by any Loan Party of any of the covenants, representations and/or warranties set forth in this Agreement, and such breach
continues for a period of two Business Days after the earlier of (i) the Borrower obtains knowledge of such breach or (ii) notice from the Administrative Agent; 
 (b) the occurrence of any Default or Event of Default other than the Existing Defaults under any one or more of the Loan Documents;

 (c) one or more creditors of any Loan Party with aggregate claims in excess of $1,000,000 takes any enforcement action
against any Loan Party (other than a demand for payment, ordinary course collection actions, or the filing of a Lien that does not constitute a Default) which, in the Required Lenders’ and the Administrative Agent’s reasonable judgment,
would materially interfere with the operation of the Borrower’s business or the Lenders’ and the Administrative Agent’s ability to collect the Obligations; 
 (d) any Governmental Authority (i) determines by written notice to Borrower that the Borrower has not complied with an existing
order, direction or decree or (ii) issues any order, direction, decree or similar notice or takes any action that requires any Loan Party to cease activity with respect to any material Oil and Gas Property, except as in effect as of the date
hereof with respect to Borrower’s Oil and Gas Property located on South Pass Block 27 and 28; or 
 (e) the Borrower
shall make any payment on the principal of or interest on the Senior Notes. 
  

 3 

 9. Release. As a material part of the consideration for the Administrative Agent and the Required
Lenders entering into this Agreement, Borrower and each Loan Party signing this Agreement (collectively “Releasor”) agree as follows (the “Release Provision”): 
 (a) Releasor hereby releases and forever discharges the Administrative Agent and each Lender and the Administrative Agent’s and each
Lender’s predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as
“Lender Group”) jointly and severally from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of
any nature whatsoever occurring prior to the date hereof and relating to any of the Loan Documents or the transactions contemplated thereby, including, without limitation, all claims, demands, and causes of action for contribution and indemnity,
whether arising at Law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or contingent, foreseen or unforeseen, and whether or not
heretofore asserted (“Claims”), which Releasor may have or claim to have against any of Lender Group; except, as to any member of Lender Group, to the extent that any such Claims results from any of gross negligence or willful
misconduct of that member. 
 (b) Releasor agrees not to sue any of Lender Group or in any way assist any other person or
entity in suing Lender Group with respect to any claim released herein. The Release Provision may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against, any action, suit, or other proceeding which may
be instituted, prosecuted, or attempted in breach of the release contained herein. 
 (c) Releasor acknowledges, warrants, and
represents to Lender Group that: 
 (i) Releasor has read and understands the effect of the Release Provision. Releasor has
had the assistance of independent counsel of its own choice, or has had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for
Releasor has read and considered the Release Provision and advised Releasor to execute the same. Before execution of this Agreement, Releasor has had adequate opportunity to make whatever investigation or inquiry it may deem necessary or desirable
in connection with the subject matter of the Release Provision. 
 (ii) Releasor is not acting in reliance on any
representation, understanding, or agreement not expressly set forth herein. Releasor acknowledges that Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein. 
 (iii) Releasor has executed this Agreement and the Release Provision thereof as its free and voluntary act, without any duress, coercion,
or undue influence exerted by or on behalf of any person. 
  

 4 

 (iv) Releasor is the sole owner of the claims released by the Release Provision, and
Releasor has not heretofore conveyed or assigned any interest in any such claims to any other person or entity. 
 (d)
Releasor understands that the Release Provision was a material consideration in the agreement of the Administrative Agent and each Required Lender to enter into this Agreement. 
 (e) It is the express intent of Releasor that the release and discharge set forth in the Release Provision be construed as broadly as
possible in favor of Lender Group so as to foreclose forever the assertion by Releasor of any claims released hereby against Lender Group. 
 (f) If any term, provision, covenant, or condition of the Release Provision is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full
force and effect. 
 10. Counterparts. This Agreement may be executed in any number of counterparts by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. Telecopies of signatures shall be binding and effective as originals.

 11. Not a Waiver. Nothing contained in this Agreement shall be construed as a waiver of any Event of Default or a consent to any
action or inaction by the Borrower or any other Loan Party, other than as expressed by the terms herein nor shall it be construed as a course of dealing or conduct on the part of the Administrative Agent or any Lender. All rights and remedies now or
hereafter available to the Administrative Agent or any Lender are hereby reserved. 
 12. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES REGARDING THE SUBJECT MATTER HEREIN AND 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. 
 [Remainder of the Page Intentionally Left Blank. 
 Signature Pages to Follow.] 
  

 5 

			
	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ Kathleen M. Carry
	Name:	 	Kathleen M. Carry
	Title:	 	Vice President

  

 Signature Page to Consent 

			
	BANK OF AMERICA, N.A., as a Lender,
Collateral Agent and L/C Issuer
		
	By:	 	/s/ Tyler D. Levings
	Name:	 	Tyler D. Levings
	Title:	 	Senior Vice President

  
  

 Signature Page to Consent 

			
	BANK OF MONTREAL, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  

 Signature Page to Consent 

			
	BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	/s/ James Forward
	Name:	 	James Forward
	Title:	 	Managing Director

  
  

 Signature Page to Consent 

			
	BNP PARIBAS, as a Lender
		
	By:	 	/s/ Douglas R. Liftman
	Name:	 	Douglas R. Liftman
	Title:	 	Managing Director
		
	By:	 	/s/ Betsy Jocher
	Name:	 	Betsy Jocher
	Title:	 	Director

  

 Signature Page to Consent 

			
	CALYON NEW YORK BRANCH, as a Lender
		
	By:	 	/s/ Sharada Manne
	Name:	 	Sharada Manne
	Title:	 	Director
		
	By:	 	/s/ Mark Roche
	Name:	 	Mark Roche
	Title:	 	Managing Director

  

 Signature Page to Consent 

			
	FORTIS CAPITAL CORP., as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 Signature Page to Consent 

			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/ John Runger
	Name:	 	John Runger
	Title:	 	Managing Director

  

 Signature Page to Consent 

			
	SOCIÉTÉ GÉNÉRALE, as a Lender
		
	By:	 	/s/ Kevin C. Joyce
	Name:	 	Kevin C. Joyce
	Title:	 	Vice President

  

 Signature Page to Consent 

			
	 U.S. BANK NATIONAL ASSOCIATION, as a
 Lender

		
	By:	 	/s/ Dana Mahoney
	Name:	 	Dana Mahoney
	Title:	 	Vice President

  

 Signature Page to Consent 

			
	 ACKNOWLEDGED AND AGREED:

	
	 BORROWER:

	
	 ENERGY PARTNERS, LTD.

		
	 By:
	 	/s/ T.J. Thom
		 	T.J. Thom, Vice President – Treasurer

  

 Signature Page to Consent 

 Each Loan Party (a) consents and agrees to the terms of this Agreement and all other Loan Documents
executed in connection therewith, (b) affirms that nothing contained in this Agreement shall modify in any respect whatsoever its obligations under the Guarantee and Collateral Agreement, (c) agrees that the “Obligations” as
defined in the Guarantee and Collateral Agreement shall include without limitation, the indebtedness and obligations of the Borrower and the Loan Parties under the Loan Documents, including the Credit Agreement as amended hereby, and (d) agrees
that the Guarantee and Collateral Agreement remains in full force and effect, continues to be legal, valid, binding, and enforceable in accordance with its terms, and that such Guarantee and Collateral Agreement guarantees the repayment of the
Obligations, and all renewals, extensions, and modifications thereof, in accordance with, and to the extent of, the terms of the Guarantee and Collateral Agreement. 
  

			
	 EPL OF LOUISIANA, L.L.C.,
 a Louisiana
limited liability company

		
	By:	 	/s/ T.J. Thom
		 	T.J. Thom, Vice President – Treasurer
	
	 DELAWARE EPL OF TEXAS, LLC,
 a Delaware
limited liability company

		
	By:	 	/s/ Paul B. Jones
		 	Paul B. Jones, President
	
	 EPL PIPELINE, L.L.C.,
 a Delaware limited
liability company

		
	By:	 	/s/ T.J. Thom
		 	T.J. Thom, Vice President – Treasurer
	
	 NIGHTHAWK, L.L.C.,
 a Louisiana limited
liability company

		
	By:	 	/s/ T.J. Thom
		 	T.J. Thom, Vice President – Treasurer
	
	 EPL PIONEER HOUSTON, INC.,
 a Texas
corporation

		
	By:	 	/s/ T.J. Thom
		 	T.J. Thom, Vice President – Treasurer

  
  
 Signature Page to Consent 

 Annex 1 
 Existing Defaults 
  

	1.	Delivery of audited financial statements for the fiscal year ended 2008 within 90 days of such fiscal year end and auditor’s report will be subject to a “going
concern” qualification (§ 6.01(a)); 

  

	2.	Mortgaged Property (§ 6.15(b)) due to Borrower’s or any Loan Party’s failure to keep its rights under its Oil and Gas Properties unimpaired due to the March 23, 2009
MMS order and shut in of East Bay; 

  

	3.	Payment of Obligations (§ 6.04) due to the Borrower’s failure to pay (i) Travelers’ demands for cash collateral or a letter of credit to support its undischarged
liabilities or the discharge of all of its outstanding surety bonds and (ii) Minerals Management Service (“MMS”) resulting in a shut-in of the Borrower’s Oil and Gas Property located on East Bay, South Pass Blocks 27 and 28;

  

	4.	Financial Covenants for fiscal quarters ending March 31, 2009 and June 30, 2009; 

  

	 	(i)	Current Ratio (§ 7.15(a)); 

  

	 	(ii)	Consolidated Interest Coverage Ratio (§ 7.15(b)); and 

  

	 	(iii)	Consolidated Leverage Ratio (§ 7.15(c)); 

  

	5.	Cross-Default (§ 8.01(e)) due to the Borrower not making the interest payment on the Senior Note Indenture; 

  

	6.	Payment Default (§ 2.05(a) and 8.01(a)) due to the Borrower’s non-payment of the borrowing base deficiency; 

  

	7.	Liens (§ 7.01) due to the filing of certain statutory Liens on certain Mortgaged Properties; and 

  

	8.	Payment of Obligations (§ 6.04) and Compliance with Laws (§ 6.08) due to the MMS order and shut in of East Bay. 

  
 Annex 1

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