Document:

exhibit107_051011.htm

Exhibit 10.7

 

 

 

 

March 23, 2011

 

C. Christian Kirley

Bigelow Income Properties

4801 Main Street, Suite 1000 Kansas City, MO 64112

 

Re:           Agreement for Business Wire, Inc. to Provide XBRL Services

 

Dear Chris,

 

Business Wire is pleased to offer Bigelow Income Properties, LLC. ("Company") Business Wire's XBRL Services ("Services") on the following terms:

 

For the period commencing April 1, 2011 and ending May 31, 2012, Business Wire will provide the following Services to Bigelow Income Properties, LLC. for $7,500.00 (as long as the financials remain at the same level of simplicity as reviewed in March 2011) to be invoiced upon commencement of work.

 

	 	 1.	Business Wire will map Bigelow Income Properties, LLC.'s consolidated financial statements with the appropriate GAAP taxonomy elements, compliant with the latest XBRL taxonomy. All four consolidated statements will be mapped. Additionally, Business Wire will map The Notes to the Statements on a block level as prescribed by the SEC
	 	 2.	 Business Wire will create, as needed, specific elements of those line items that do not match up to the taxonomy definitions using industry best practices. Also created during the taxonomy extension step; presentation, label, and calculation linkbases.
	 	 3.	Business Wire will provide a spreadsheet for review of the general and extended XBRL
	 	 4.	Business Wire will collaboratively review Its work with Bigelow Income Properties, LLC. and update the mapping documents as necessary. We will then repeat Step 3 (above) and 4 (herein) as many times as necessary.
	 	 5.	For quality assurance Imposes, Business Wire will tag Bigelow Income Properties, LLC.'s financials, will validate all work with XBRL-compliant validation software, ensure proper rendering through the SEC's Viewer and test file with the SEC.
	 	 6.	Business Wire will produce for Bigelow Income Properties, LLC. XBRL exhibit files for the following SEC filings.

	 	 a.	10-Q for the period ending June 30, 2011
	 	 b. 	10-Q for the period ending September 30, 2011
	 	 c. 	10-K for period ending December 31, 2011
	 	 d.	10-Q for the period ending March 31, 2012

These files will conform to SEC validation checks.

	 	 7.	Business Wire will perform routine maintenance on the Bigelow Income Properties, LLC.'s taxonomy (making additions/deletions to reflect the course of normal business since the last filing, but not to reflect significant changes such as mergers, acquisitions, consolidations or divestitures).

                                                    

For the period commencing June 1, 2012 and ending May 31, 2013, Business Wire will provide the following Services to Bigelow Income Properties, LLC. for $6,000.00 (as long as the financials remain at the same level of simplicity as reviewed in March, 2011) to be Invoiced upon commencement of the detailed tagging of the Footnotes and Schedules, which Is anticipated to begin in the 3"I quarter of 2011.

  

  

  

 

 

	 	1.	Business Wire will perform routine maintenance and update the Bigelow Income Properties, LLC.'s taxonomy as described above. Additionally, we will map the financial statement footnotes and schedules on a detailed level as prescribed by the SEC.
	 	2.	We will validate all work with XBRL-compliant validation software.
	 	3.	Business Wire will produce for Bigelow Income Properties, LLC. XBRL exhibit files for the following SEC filings.

a.       10-Q for the period ending June 30, 2012

b.       10-Q for the period ending September 30, 2012

c.       10-K for period ending December 31, 2012

d.       10-Q for the period ending March 31, 2013

These files will conform to SEC validation checks.

 

All other products and services provided by Business Wire and not expressly set forth herein or in another Business Wire agreement will be billed at published rates.

 

By signing below, Bigelow income Properties, LLC. agrees to use Business Wire for these Services exclusively during the Term and accepts and agrees to all of the Terms and Conditions on the following pages. This Agreement and all its Terms and Conditions are confidential.

 

 

 

 

 

 

 

 

 

  

  

  

 

Business Wire XBRL Services Terms and Conditions

 

 

Business Wire provides XBRL Services, as defined on Page 1 of this Agreement. Company wishes to have Business Wire provide those Services to Company pursuant to this Agreement, which consists of the cover page and the Terms and Conditions under which Business Wire is willing to provide the Services to Company (collectively, this 'Agreement"). Unless otherwise amended as set forth herein, this Agreement is the complete and exclusive understanding and agreement between the parties and supersedes any oral or written proposal, agreement or other communication between the parties regarding Business Wire's provision of Services to Company. Notwithstanding the foregoing, this Agreement does not supersede any prior agreement regarding the provision of other services by Business Wire to Company.

 

A. License, Acknowledgements and Warranties.

To provide time for initial mapping of Company's consolidated financial statements in Year 1 and of the financial statement footnotes and schedules in Year 2, Company will inform Business Wire at least 3 weeks in advance of Company's initial anticipated date in Year 1 and in Year 2 for filing materials Company will submit to Business Wire for provision of Services. Thereafter, Company will provide the rnaterials to be tagged via the Services at least 24 hours prior to each subsequent anticipated filing date. Company grants Business Wire the right to use, display, copy, reproduce, reformat, translate, archive, edit, modify, adapt, publish, excerpt, create derivative works of and distribute (at or after filing) all such materials and any other materials submitted to Business Wire (collectively, "Materials') and such other rights as may be necessary for Business Wire to perform its obligations and exercise its rights under this Agreement.

 

Company warrants and represents that the content of all Materials will be accurate and original; that Company owns all right, title and interest In and to those Materials, or has sufficient rights, whether by implication, estoppel, or otherwise, to grant Business Wire the rights discussed in this Agreement. Company represents and warrants that the Materials will not violate or infringe upon any rights worldwide of other persons; that the material does not contain any viruses, scripts, macros or programs, or links to scripts, macros or programs; and that the Materials comply with all applicable laws and regulations, including without limitation all applicable securities laws and regulations.

 

Company understands and agrees that Materials submitted via Business Wire's website (the "Site") or any other use of Business Wire services are also subject to the Terms of Use at www.BusinessWire.com.

 

B. Pricing and Payment Terms. Prices for the Services are as provided on Page 1 and do not include any revisions, restatements or amendments required by Company. Additional services will be priced at Business Wire's applicable rates for those services. Failure to provide at least 3 weeks prior notice of Company's initial anticipated filing date in both Year 1 and Year 2, and/or failure to submit materials for tagging via the Services at least 24 hours prior to the anticipated filing deadline, may subject Company to additional charges for overtime and other expenses incurred to provide expedited Services. Payment terms are net due upon receipt, and charges become overdue after 30 days. If the account becomes delinquent, Company acknowledges and agrees that

 

Business Wire may demand payment of the balance owed in full, with accrued interest according to applicable laws and late charges. If Company's banking institution does not honor any payment to Business Wire due to insufficient funds, Company agrees to pay Business Wire a processing fee equivalent to US $25.00 per Incident.

 

In the event of a default on the balance owed, Company agrees to pay all costs of collection, including legal fees and costs, which are incurred by Business Wire or its agents. In addition, Company acknowledges that any special considerations on pricing or service may be negated upon default of balance owed.

 

C.           Term and Termination. Term of this Agreement is as specified on Page 1. Notwithstanding the foregoing, this Agreement may be terminated by Business Wire immediately upon notice to Company from Business Wire following any breach by Company of this Agreement. Upon termination of this Agreement, any amounts owed to Business Wire under this Agreement before such termination will be immediately due and payable, and Company will pay Business Wire for all work in process-as of the date of the termination within 30 days of termination, Sections B-D; Section F; Section G; Section I and Section A, paragraph 2 will survive termination of this Agreement.

 

D.           Additional Rights and Restrictions. Company acknowledges that the Services, and the databases, software, hardware, services and technology used by or on behalf of Business Wire to provide the Services and their structure, organization, methodology, taxonomy, schema and underlying data, information and source code (collectively, the "Technology') constitute valuable intellectual property of Business Wire. Subject to the terms of this Agreement, Business Wire grants to Company the right to use any portion of the Technology incorporated into the Materials processed by Business Wire ("Tagged Materials") solely in the form incorporated into the Tagged Materials by Business Wire and only In connection with Company's disclosure of the Tagged Materials in the ordinary course of its business. Company will not, and will not permit any third party to, use the Tagged Materials to reverse engineer, decompile, or otherwise attempt to derive the method of operation or performance of the Services, Business Wire may retain copies of the Tagged Materials and collect and analyze data and information from the Tagged Materials ("Data"). All Data will be owned by Business Wire. Following filing of the Tagged Materials by Company, Business Wire may distribute the Data and the Tagged Materials (or portions thereof) to third parties (or use the Data or Tagged Materials for any lawful business purpose) without a duty of accounting to Company.

 

E.      Indemnity. Company will indemnify and hold harmless Business Wire and its parent company, affiliate and subsidiary companies, officers, directors, employees, contractors, licensees,

 

	 	 	 	 
	 	 	 	 
	 XBRL Services Terms and Conditions	 	 	 

 

  

  

  

 

successors and assigns, including those licensed or authorized by Business Wire to process, transmit or distribute materials, from any and all liabilities, damages, judgments, claims, costs, losses, and expenses (including reasonable legal fees and costs) arising out of or related to any and all claims alleging conduct that would amount to a breach of any of Company's representations, warranties or other obligations under this Agreement and any claims arising from any actual or alleged violation by Company of any federal and state laws and regulations regarding Company's business or that otherwise result from Company's access to or Use of the Services or any Tagged Materials.

 

F.      Limitation of Liability. BUSINESS WIRE SHALL NOT BE LIABLE TO COMPANY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR EXEMPLARY DAMAGES (EVEN IF BUSINESS WIRE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), ARISING FROM OR RELATED IN ANY WAY TO ANY PROVISION OF THIS AGREEMENT (INCLUDING SUCH DAMAGES INCURRED BY THIRD PARTIES), INCLUDING, BUT NOT LIMITED TO, ANY LOSS OF DATA, LOSS OF OPPORTUNITY, LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS. IN NO EVENT SHALL BUSINESS WIRE BE LIABLE TO COMPANY FOR AN AMOUNT GREATER THAN THE PAYMENTS MADE BY COMPANY TO BUSINESS WIRE FOR THE PRODUCTS AND SERVICES PROVIDED PURSUANT TO THE TERMS OF THIS AGREEMENT TO WHICH THE LIABILITY RELATES. EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED OR EXCLUDED BY AGREEMENT, BUSINESS WIRE EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, REGARDING THE SERVICES, SITE, AND ANY MATERIALS, INCLUDING, WITHOUT LIMITATION, ALL WARRANTIES OF TITLE, NONINFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE. Some jurisdictions do not allow the exclusion of liability for incidental or consequential damages, so some or all of the above exclusions or limitations may not apply.

 

G.      Force Majeure. If Business Wire is prevented or delayed in or from performing any of Its obligations under the Agreement due to any delay or failure in performance of Company or any circumstances beyond Business Wire's control, including but not limited to governmental acts, war, riots, strikes or trade disputes (including by and with Business Wire's employees), technical failure, general

 

availability of the Internet, power failure, communications failure, weather, flood, fire or explosion, natural or local emergency, Business Wire shall not be liable for any resulting failure to provide the Services hereunder.

 

H.      Severability, Successors and Assigns.  This Agreement shall bind and inure to the benefit of the parties and their successors and assigns. If any provision of this Agreement, is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue In full force without being impaired or invalidated in any way.

 

I.      Governing Law, Venue and Attorney Fees.  This Agreement, shall be governed by and construed in accordance with the laws of the United States and the State of California. Any dispute arising under or related in any way to this Agreement shall be adjudicated In a court of competent jurisdiction in the County of San Francisco, California. In the event of litigation to enforce any provision of this Agreement, the prevailing party will be entitled to recover from the other party Its costs and fees, including reasonable legal fees.

 

J.      Change In Terms. In the event of a change in these Terms and Conditions, Business Wire shall provide written notice and allow Company 30 days to respond before the change takes effect. Rejection of new Terms and Conditions must be conveyed to Business Wire in writing. Company's failure to respond in writing and/or its continued use of the Services after the 30-day notice period has expired shall constitute its acceptance of and agreement to such changes.

 

K.      Notices. Any notices required or allowed under this Agreement will be given by registered or certified mail with postage prepaid, and return receipt requested, or by nationally recognized commercial overnight courier service with charges prepaid, to the addresses listed on Page I. Notice shall be deemed delivered on the earlier to occur of 0) its actual receipt, (ii) the fifth business day following its deposit in registered or certified mail, with postage prepaid and return receipt requested, or the (iii) first business day following its deposit with a nationally recognized commercial overnight courier service, with charges prepaid.

 

 

	 	 	 	 
	 	 	 	 
	 XBRL Services Terms and Conditionsexhibit10-4.htm

EXHIBIT 10.4

  

SECOND AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made and entered into effective as of May 9, 2011 (the "Effective Date"), among CALLON PETROLEUM COMPANY, a Delaware corporation ("Borrower"), the Lenders party hereto, and REGIONS BANK, an Alabama banking corporation (“Regions”), as administrative agent for such Lenders (in such capacity, the “Administrative Agent”), and as an issuing lender for such Lenders (in such capacity, the “Issuing Lender”).

WHEREAS, pursuant to that certain Third Amended and Restated Credit Agreement, dated effective as of January 29, 2010, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement, dated effective as of November 12, 2010 (as may be now or hereafter amended, modified, supplemented or replaced from time to time, the “Credit Agreement”), among Borrower, the Lenders party thereto, Administrative Agent, such Lenders agreed to provide to Borrower, subject to the terms and conditions set forth therein, a revolving credit facility in the principal amount of up to One Hundred Million Dollars ($100,000,000.00);

WHEREAS, the availability of the revolving credit facility is limited to the Borrowing Base as determined under Section 2.02 of the Credit Agreement;

 

 

WHEREAS, Borrower has requested, and the Lenders who are party hereto and Administrative Agent have agreed to increase the Borrowing Base to Forty-Five Million Dollars ($45,000,000.00);

WHEREAS, Borrower has also requested, and the Lenders who are party hereto and Administrative Agent have agreed to grant Borrower an option to extend the Maturity Date from September 25, 2012 until April 2, 2013; and

WHEREAS, Borrower, the Lenders who are parties hereto and Administrative Agent desire to amend the Credit Agreement to evidence such agreements and certain other related matters.

NOW, THEREFORE, in consideration of the premises, the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are

hereby acknowledged, Borrower, the Lenders who are parties hereto and Administrative Agent hereby agree as follows:

1.           Capitalized Terms.  All capitalized terms used and not otherwise defined herein (including, without limitation, in the language amendatory to the Credit Agreement) shall have the meanings given such terms in the Credit Agreement.

 

 

2.           Add Definitions of “Applicable Margin” and “Pricing Grid”.  The Credit Agreement is hereby amended by adding the following definitions of “Applicable Margin” and “Pricing Grid” to Section 1.01 of the Credit Agreement:

"Applicable Margin" means, with respect to any Advance, (a) during such times as any Event of Default exists, two percent (2.0%) per annum plus the rate per annum set forth in the Pricing Grid as the “Applicable Margin” based on the present Utilization Level applicable from time to time, and (b) at all other times, the rate per annum set forth in the Pricing Grid as the “Applicable Margin” based on the relevant Utilization Level applicable from time to time.  The Applicable Margin for any Advance shall change when and as the relevant Utilization Level changes and when and as any such Event of Default commences or terminates.

"Pricing Grid" means the pricing information set forth in Schedule I.

  

  

  

3.           Change in Definitions of “Commitment”, “Commitment Fee Rate”, “Index Rate” and “Interest Rate”.  The Credit Agreement is hereby amended by deleting in its entirety the definitions of “Commitment”, “Commitment Fee Rate”, “Index Rate” and “Interest Rate” set forth in Section 1.01 of the Credit Agreement, and by substituting in place and instead thereof the following definitions, respectively:

"Commitment" means, for any Lender, the amount set opposite such Lender's name on the Schedule II as its Commitment, or if such Lender has entered into any Assignment and Acceptance, as set forth for such Lender as its Commitment in the Register maintained by the Administrative Agent pursuant to Section 9.06(c), as such amount may be reduced or terminated pursuant to Section 2.04 or Article VII or otherwise under this Agreement, and "Commitments" shall mean all such Commitments collectively.  The aggregate Commitments on the date of this Agreement are One Hundred Million Dollars ($100,000,000.00).

"Commitment Fee Rate" means the applicable rate per annum rate set forth in the Pricing Grid as the “Commitment Fee Rate”.

“Index Rate” means, for any Index Rate Determination Date, the rate per annum (rounded upward to the next whole multiple of 1/100 of 1%) equal to (a) the rate

determined by Administrative Agent to be the offered rate which appears on the page of the Reuters Screen which displays an average British Bankers Association Interest Settlement Rate (such page currently being Reuters Screen LIBOR01 Page) for deposits with a term equivalent to one (1) month in Dollars, determined as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to such Index Rate Determination Date, or (b) in the event the rate referenced in the preceding clause (a) does not appear on such page or service or if such page or service shall cease to be available, the rate per annum (rounded upward to the next whole multiple of 1/100 of 1%) equal to the rate determined by Administrative Agent to be the offered rate on such other page or other service which displays an average British Bankers Association Interest Settlement Rate for deposits with a term equivalent to one (1) month in Dollars, determined as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to such Index Rate Determination Date, or (c) in the event the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum (rounded upward to the next whole multiple of 1/100 of 1%) equal to quotation rate (or the arithmetic mean of rates) offered to first class banks in the London interbank market for deposits in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of Regions Bank or any other Lender selected by Administrative Agent, for which the Index Rate is then being determined with maturities comparable to one (1) month as of approximately 11:00 a.m. (London, England time) two (2) Business Days prior to such Index Rate Determination Date.  Notwithstanding the foregoing, in no event shall the Index Rate be less than one-half of one percent (0.50% or 50 basis points).

"Interest Rate" means an interest rate per annum equal to the sum of (i) the Index Rate, plus (ii) the Applicable Margin.

4.           Change in Borrowing Base.  The Credit Agreement is hereby amended by deleting in its entirety Section 2.02(a) of the Credit Agreement, and by substituting in place and instead thereof the following:

(a)           Borrowing Bases.  From and after the effective date of the Second Amendment to this Agreement (May 9, 2010), the Borrowing Base has been set by Administrative Agent and the Lenders and acknowledged by Borrower as Forty-Five Million Dollars ($45,000,000.00), and such increased Borrowing Base shall remain in effect until the next redetermination made pursuant to this Section 2.02.  The Borrowing Base shall be determined in accordance with the standards set forth in Section 2.02(d) and are subject to periodic redetermination pursuant to Sections 2.02(b) and 2.02(c).

5.           Option to Extend Maturity Date.  The Credit Agreement is hereby amended by adding the following Section 9.20 to the Credit Agreement:

Section 9.20                      Option to Extend Maturity Date.  Provided that Regions is then the sole Lender under this Agreement on the date Borrower delivers its written election described below and the conditions set forth in Section 3.01 and 3.02 have been satisfied, the Borrower may extend the Maturity Date of the credit facilities provided under this Agreement from September 25, 2012 until April 2, 2013 by delivering to the Administrative Agent on or before September 15, 2011: (i) written notice of Borrower’s intention to extend the Maturity Date, and (ii) the extension fee(s) in such amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

6.           Change in Schedule I (Pricing Grid).  The Credit Agreement is hereby amended by deleting in its entirety Schedule I which currently attached to the Credit Agreement, and by substituting in place and instead thereof Schedule I which is attached hereto.

  

  

  

7.           Conditions Precedent.  The obligation of Administrative Agent and the Lenders to execute this Amendment and the effectiveness of this Amendment are subject to the satisfaction of all of the following conditions:

	
  

	
a.

	
No Default. There shall exist no Event of Default on and as of the Effective Date;

	
  

	
b.

	
Representation and Warranties.  The representations and warranties of Borrower and CPOC made in the Loan Documents shall be true in all material respects on and as of the Effective Date;

	
  

	
c.

	
Covenants and Agreements.  Borrower shall have performed or observed in all material respects all agreements, covenants and conditions required to be performed or observed by it on or prior to the Effective Date;

	
  

	
d.

	
Corporate Certificate of Borrower.  Administrative Agent shall have received a certificate executed on behalf of Borrower evidencing the due incorporation, existence, and good standing of Borrower, the authority of Borrower to enter into the Loan Documents, the incumbency of the parties executing the Loan Documents on behalf of Borrower, and such other matters as shall be reasonably requested by Administrative Agent;

e.           Origination Fee.  Borrower shall have paid in full to Administrative Agent on or before the Effective Date an origination fee in such amounts and at the times separately agreed upon between the Borrower and the Administrative Agent as consideration for the increase of the Borrowing Base and availability under the revolving credit facility.

	
  

	
f.

	
Other Fees and Expenses. Borrower shall have paid all reasonable fees, costs and expenses incurred or sustained by Administrative Agent and each of the Lenders (including all reasonable attorneys' fees) in connection with the preparation, execution and delivery of this Amendment and any related documents; and

	
  

	
g.

	
Additional Documentation and Information.  Administrative Agent shall have received all other documents, instruments, estoppel certificates, waivers, consents or other approvals from any person or persons, and evidence of the completion of all other actions, as may, in the opinion of Administrative Agent, are necessary or desirable.

8.           References to Credit Agreement. All parties hereto hereby further acknowledge and agree that all references in the Loan Documents to the Credit Agreement, shall be deemed amended to refer to the Credit Agreement, as amended by this Amendment.

9.           Loan Documents to Remain in Full Force and Effect. The Credit Agreement, as herein amended, and the other Loan Documents remain in full force and effect in accordance with their respective terms, and Borrower, Administrative Agent and each of the Lenders hereby ratify and confirm the same.  Borrower represents and warrants that all of the representations and warranties of Borrower contained in the Credit Agreement, as herein amended, and the other Loan Documents to which Borrower is a party are true and correct in all material respects on and as of the Effective Date and that no Default or Event of Default has occurred and is continuing under the Credit Agreement.  Borrower acknowledges that it is fully obligated under the terms of the Credit Agreement, as herein amended, the Note, and the other Loan Documents to which Borrower is a party, and that it has no offsets or defenses with respect to its obligations thereunder.

10.           Governing Law. This Amendment shall be governed by and interpreted in accordance with the laws of the State of Mississippi.

11.           Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Remainder of this page intentionally left blank.  Signature pages follow.]

  

  

  

IN WITNESS WHEREOF, the parties hereto have duly executed this Second Amendment to Third Amended and Restated Credit Agreement effective as of the day and year first above written.

BORROWER:

 

CALLON PETROLEUM COMPANY

	
  

	
By:  /s/ Rodger W. Smith

Rodger W. Smith

Vice President and Treasurer

  

  

  

	
  

	
ADMINISTRATIVE AGENT AND

	
  

	
SOLE LENDER:

REGIONS BANK,

	
  

	
as Administrative Agent and Sole Lender

	
  

	
By:  /s/ William A. Phillipp

William A. Philipp,

Senior Vice President

  

  

  

SCHEDULE I

PRICING GRID

Applicable Margin and Commitment Fee Rate

	
Utilization Level*

	
Applicable Margin

	
Commitment Fee Rate

	
Level I

	
3.00%

	
0.50%

	
Level II

	
2.75%

	
0.50%

	
Level III

	
2.50%

	
0.50%

* Utilization Levels are described below and are determined by the percentage of utilization of the lesser of (a) the Commitments and (b) the Borrowing Base.

1.  Level I: If the percentage of utilization is greater than eighty percent (80.0%).

	
  

	
2.  Level II: If the percentage of utilization is greater than twenty-five percent (25.0%) but less than or equal to eighty percent (80.0%).

	
  

	
3.  Level III: If the percentage of utilization is less than or equal to twenty-five percent (25.0%).

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