Document:

Third Amendment to Third Amended and Restated Credit Agreement

 Exhibit 10.4 
 THIRD AMENDMENT TO  
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 THIS THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of
March 4, 2011 but effective on the Effective Date (as defined below), by and among Century Exploration New Orleans, Inc., a Delaware corporation, Century Exploration Houston, Inc., a Delaware corporation (each herein called a
“Borrower,” and collectively, the “Borrowers”), Union Bank, N.A., individually and as administrative agent (“Administrative Agent”), and the Lenders party to the Original Agreement defined below
(“Lenders”). 
 W I T N E S S E T H: 
 WHEREAS, Borrowers, Administrative Agent and Lenders entered into that certain Third Amended and Restated Credit Agreement dated as of September 4, 2009 (as heretofore amended or modified, the
“Original Agreement”), for the purpose and consideration therein expressed, whereby Lenders became obligated to make loans to Borrowers as therein provided; and 

WHEREAS, Borrowers, Administrative Agent and Lenders desire to amend the Original Agreement as set forth herein; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement,
in consideration of the loans which may hereafter be made by Lenders to Borrowers, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 ARTICLE I. 
 DEFINITIONS AND REFERENCES 
 Section 1.1. Terms Defined in the
Original Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have the same meanings whenever used in this Amendment. 

Section 1.2. Other Defined Terms. Unless the context otherwise requires, the following terms when used in this Amendment
shall have the meanings assigned to them in this Section 1.2. 
 “Amendment” means this
Third Amendment to Third Amended and Restated Credit Agreement. 
 “Credit Agreement” means the
Original Agreement as amended hereby. 

  

[THIRD AMENDMENT TO 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 ARTICLE II. 
 AMENDMENTS TO ORIGINAL AGREEMENT AND LIMITED WAIVER 
 Section 2.1.
Definitions. 
 (a) Section 1.1 of the Original Agreement is hereby amended to add the
following definitions in the correct alphabetical order: 
 “Concorde” means Concorde Energy,
LLC, a Delaware limited liability company. 
 (b) The definition of “Permitted Distributions” in
Section 1.1 of the Original Agreement is hereby restated in its entirety to read as follows: 

““Permitted Distributions” means Distributions by Restricted Persons (i) that consist solely of cash dividends
and distributions by a Restricted Person in respect of its capital stock or any partnership or other interest in it paid to a Borrower or any other Restricted Person or (ii) that do not exceed $1,750,000 in the aggregate during any Fiscal
Quarter, provided, in each case, that at the time of such Distribution and after giving effect thereto, no Event of Default has occurred and is continuing.” 

(c) The definitions of “Consolidated” and “Subsidiary” in Section 1.1 of the
Original Agreement are hereby restated in their entirety to read as follows: 
 ““Consolidated” refers to
the consolidation of any Person, in accordance with GAAP, with its properly consolidated subsidiaries. References herein to a Person’s Consolidated financial statements, financial position, financial condition, liabilities, etc. refer to the
consolidated financial statements, financial position, financial condition, liabilities, etc. of such Person and its properly consolidated subsidiaries; provided, however, that, for purposes of the Loan Documents, in no event shall
Concorde or any Subsidiary of Concorde be deemed to be a “consolidated subsidiary” of any Restricted Person.” 

““Subsidiary” means, with respect to any Person, any corporation, association, partnership, limited liability
company, joint venture, or other business or corporate entity, enterprise or organization which is directly or indirectly (through one or more intermediaries) controlled by or owned fifty percent or more by such Person; provided that
(i) associations, joint ventures or other relationships (a) which are established pursuant to a standard form operating agreement or similar agreement or which are partnerships for purposes of federal income taxation only, (b) which
are not corporations or partnerships (or subject to the Uniform Partnership Act) under applicable state Law, and (c) whose businesses are limited to the exploration, development and operation of oil, gas or mineral properties and interests
owned directly by the parties in such associations, 

  

					
		  	2	  	 [THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT
AGREEMENT]

 
joint ventures or relationships, shall not be deemed to be “Subsidiaries” of such Person and (ii) in no event shall Concorde or its Subsidiaries be deemed to be a Subsidiary of any
Restricted Person for any purpose under the Loan Documents.” 
 Section 2.2. Calculations and Determinations.
The final sentence of Section 1.4 of the Original Credit Agreement is hereby amended to add the following proviso to the end thereof: 
 “; provided, however, that for purposes of calculating the ratios in Sections 7.13 and 7.14 and the components of each such ratio, Concorde and its Subsidiaries (including
their respective assets, liabilities, income, losses, cash flows, interest expense and each element of the foregoing) shall be excluded, except for any cash dividends or distributions actually paid by Concorde or its Subsidiaries to any Restricted
Person, which shall be deemed to be income of the applicable Restricted Person when actually received by it.” 

Section 2.3. Representations and Warranties. Section 5.22, Section 5.23 and the last sentence of
Section 5.24 are hereby amended by adding the phrase “of the Restricted Persons” immediately following each occurrence of the phrase “Oil and Gas Property” or “Oil and Gas Properties”, respectively.

 Section 2.4. Books, Financial Statements and Reports. Sections 6.2(a) and (b) or the Original
Agreement are hereby restated in their entirety to read as follows: 
 “(a) As soon as available, and in any
event within one hundred twenty (120) days after the end of each Fiscal Year, complete Consolidated and consolidating financial statements of RAAM together with all notes thereto, prepared in reasonable detail in accordance with GAAP, together
with an unqualified opinion, based on an audit using generally accepted auditing standards, by a “Big Four” public accounting firm or another independent certified public accounting firm selected by RAAM and acceptable to Lender, stating
that such Consolidated financial statements have been so prepared. These financial statements shall contain (i) a Consolidated and consolidating balance sheet as of the end of such Fiscal Year and Consolidated and consolidating statements of
earnings, of cash flows, and of changes in owners’ equity for such Fiscal Year, each setting forth in comparative form the corresponding figures for the preceding Fiscal Year and (ii) during any period during which GAAP would otherwise
require Concorde’s and its Subsidiaries’ accounts to be consolidated with those of RAAM, consolidating financial statements, prepared in a manner consistent with RAAM’s historical practices, distinguishing the consolidated accounts of
the Restricted Persons from the consolidated accounts of Concorde and its Subsidiaries, provided that the consolidating financial statements referred to in clause (ii) of this Section 6.2(a) shall not be required to be audited or covered
by the opinion of the auditors referred to above. 
  

  

					
		  	3	  	 [THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT
AGREEMENT]

 “(b) As soon as available, and in any event within sixty (60) days
after the end of each Fiscal Quarter, a balance sheet as of the end of such Fiscal Quarter and Consolidated and consolidating statements of RAAM’s earnings and cash flows for the period from the beginning of the then current Fiscal Year to the
end of such Fiscal Quarter, all in reasonable detail and prepared in accordance with GAAP, subject to changes resulting from normal year-end adjustments and, during any period during which GAAP would otherwise require Concorde’s and its
Subsidiaries’ accounts to be consolidated with those of RAAM, a consolidating balance sheet and consolidating financial statements, prepared in a manner consistent with RAAM’s historical practices, distinguishing the consolidated accounts
of the Restricted Persons from the consolidated accounts of Concorde and its Subsidiaries. In addition, RAAM will, together with each such set of financial statements and each set of financial statements furnished under subsection (a) of this
section, furnish a certificate in the form of Exhibit D stating that the chief financial officer has reviewed the Loan Documents, containing calculations showing compliance (or non-compliance) at the end of such Fiscal Quarter with the requirements
of Sections 7.3, 7.4, 7.13, 7.14 and 7.15 and stating that no Default exists at the end of such Fiscal Quarter or at the time of such certificate or specifying the nature and period of existence of any such Default.” 

Section 2.5. Hedging Contracts. The reference to “twenty-four (24) months” in the first sentence of
Section 7.4 of the Original Agreement is hereby amended to read “thirty-six (36) months.” 

Section 2.6. Limitation on Investments and New Businesses. Subsection (iii) of Section 7.8 of the Original
Agreement is hereby amended in its entirety to read as follows: 
 “(iii) make any acquisitions of or
capital contributions to or other Investments in any Person that is not a Restricted Person, other than (x) Cash Equivalents or (y) Investments by RAAM in Concorde in an aggregate amount not to exceed $35,000,000, and” 

Section 2.7. Transactions with Affiliates. Section 7.10 of the Original Agreement is hereby restated in its
entirety to read as follows: 
 “Section 7.10 Transactions with Affiliates. Other than Investments by
RAAM in Concorde permitted by Section 7.8 (iii) and agreements among Concorde and any Restricted Person for the provision of management services and general and administrative services, no Restricted Person will engage in any
material transaction with any of its Affiliates on terms which are less favorable to it than those which would have been obtainable at the time in arm’s-length dealing with Persons other than such Affiliates.” 

  

					
		  	4	  	  
 [THIRD AMENDMENT
TO
 THIRD AMENDED AND RESTATED CREDIT
AGREEMENT]

 Section 2.8. Disclosure Schedule – Disclosure Schedule 5.14 –
Borrowers’ Subsidiaries. Disclosure Schedule 5.14 of the Original Agreement is hereby restated in its entirety to read as set forth on Disclosure Schedule 5.14 attached hereto. 

Section 2.9. Limited Waiver. CEH has informed Administrative Agent that on or about January 28, 2011, CEH disposed of
certain Oil and Gas Properties in the Tuscaloosa Marine oil shale prospect (the “Tuscaloosa Marine Properties”) to Devon Energy Production Company, L.P. for a purchase price of $13,836,462.25 (the “Tuscaloosa Marine
Disposition”). The Tuscaloosa Marine Disposition was a disposition of Oil and Gas Properties for fair market value and the Tuscaloosa Marine Properties did not constitute Collateral as the time of the sale. The value of the Tuscaloosa
Marine Properties (as evidenced by the purchase price), however, was in excess of 10% of the Borrowing Base in effect at the time of the Tuscaloosa Marine Disposition, and the Tuscaloosa Marine Disposition was therefore prohibited by
Section 7.6 of the Credit Agreement. The Restricted Persons have requested that Majority Lenders waive this violation of Section 7.6 of the Credit Agreement (and any related Event of Default) arising from the Tuscaloosa
Marine Disposition. Subject to the terms, conditions and limitations of this Amendment, Majority Lenders hereby waive any violation of Section 7.6 of the Credit Agreement (and any related Event of Default) arising from the Tuscaloosa
Marine Disposition. 
 Section 2.10. Release of Liens. Pursuant to that certain Limited Waiver and Consent dated as
of September 23, 2010 among Borrowers, the other Restricted Persons, Administrative Agent and Majority Lenders (the “Limited Waiver”), Majority Lenders waived certain violations of the Credit Agreement arising from the
existence of Indebtedness in respect of the GE Note (as defined in the Limited Waiver) and Liens pursuant to the GE Mortgage (as defined in the Limited Waiver), including, without limitation, Liens in the GE Mortgage Personal Property (as defined in
the Limited Waiver and described as the “Property” in the GE Mortgage). Pursuant to the Security Documents, RAAM has granted Liens in the GE Personal Property in favor of Administrative Agent to secure the Secured Obligations and, as such,
the GE Personal Property currently constitutes Collateral. RAAM has requested that Majority Lenders (i) release all Liens in the in the “Property”, as defined in the GE Mortgage (the “Released Property”) and
(ii) authorize Administrative Agent to take any action necessary to release all Liens granted by the Security Documents in the Released Property. Subject to the terms, conditions and limitations of this Amendment, Majority Lenders hereby
consent to the release of all Liens in the Released Property and authorize Administrative Agent to take any action necessary to release the Liens granted by the Security Documents in the Released Property. 

ARTICLE III. 

CONDITIONS OF EFFECTIVENESS 
 Section 3.1. Effective Date. This Amendment shall be effective on the date (the “Effective Date”) the Administrative Agent shall have received, at Administrative Agent’s
office, (i) this Amendment executed and delivered by each Borrower and Majority Lenders and (ii) a Consent and Agreement of even date herewith executed by RAAM and each other Guarantor. 

  

					
		  	5	  	  
 [THIRD AMENDMENT
TO
 THIRD AMENDED AND RESTATED CREDIT
AGREEMENT]

 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1. Representations and
Warranties of Borrowers. In order to induce each Lender to enter into this Amendment, each Borrower jointly and severally represents and warrants to each Lender that: 

(a) The representations and warranties contained in Article V of the Original Agreement are true and correct at and as of
the time of the effectiveness hereof, except to the extent that the facts on which such representations and warranties are based have been changed by the extension of credit under the Credit Agreement. 

(b) Such Borrower is duly authorized to execute and deliver this Amendment and is and will continue to be duly authorized
to borrow monies and to perform its obligations under the Credit Agreement. Such Borrower has duly taken all corporate action necessary to authorize the execution and delivery of this Amendment and to authorize the performance of the obligations of
such Borrower hereunder. 
 (c) The execution and delivery by such Borrower of this Amendment, the performance by
such Borrower of its obligations hereunder and the consummation of the transactions contemplated hereby do not and will not (i) conflict with any provision of (1) any Law, (2) the organizational documents of such Borrower, or
(3) any material agreement, judgment, license, order or permit applicable to or binding upon such Borrower, or (ii) result in the creation of any Lien upon any assets or properties of such Borrower except as expressly contemplated or
permitted in the Loan Documents. Except as expressly contemplated in the Loan Documents, no consent, approval, authorization or order of any Tribunal or third party is required in connection with the execution and delivery by such Borrower of this
Amendment or to consummate the transactions contemplated hereby. 
 (d) When duly executed and delivered, each of
this Amendment and the Credit Agreement will be a legal and binding obligation of such Borrower, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or similar Laws of general application relating to the enforcement
of creditors’ rights and by equitable principles of general application. 
 ARTICLE V. 

MISCELLANEOUS 
 Section 5.1. Ratification of Agreements. The Original Agreement as hereby amended is hereby ratified and confirmed in all respects. Any reference to the Credit Agreement in any Loan Document
shall be deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lenders
under the Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement, the Notes, or any other Loan Document. Without limitation of the

  

					
		  	6	  	  
 [THIRD AMENDMENT
TO
 THIRD AMENDED AND RESTATED CREDIT
AGREEMENT]

 
foregoing, the consents, waivers and agreements set forth herein are limited precisely to the extent set forth herein and shall not be deemed to (a) be a consent or agreement to, or waiver
or modification of, any other term or condition of the Credit Agreement or any of the documents referred to therein, or (b) except as expressly set forth herein, prejudice any right or rights that Administrative Agent or Lenders may now have or
may have in the future under or in connection with the Credit Agreement or any of the documents referred to therein 

Section 5.2. Survival of Agreements. All representations, warranties, covenants and agreements of Borrowers herein shall
survive the execution and delivery of this Amendment and the performance hereof, including without limitation the making or granting of the Loans, and shall further survive until all of the Obligations are paid in full. All statements and agreements
contained in any certificate or instrument delivered by any Restricted Person hereunder or under the Credit Agreement to any Lender shall be deemed to constitute representations and warranties by, and/or agreements and covenants of, such Restricted
Person under this Amendment and under the Credit Agreement. 
 Section 5.3. Loan Documents. This Amendment is a Loan
Document, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto. 
 Section 5.4.
Governing Law. This Amendment shall be governed in accordance with the Governing Law provisions set forth in Section 10.7 of the Credit Agreement. 
 Section 5.5. Counterparts; Fax. This Amendment may be separately executed in counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be
deemed to constitute one and the same Amendment. This Amendment may be validly executed by facsimile or other electronic transmission. 
 THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 
 [The remainder of this past is left blank intentionally.]

  

					
		  	7	  	  
 [THIRD AMENDMENT
TO
 THIRD AMENDED AND RESTATED CREDIT
AGREEMENT]

 IN WITNESS WHEREOF, this Amendment is executed as of the date first above written. 

 

			
	CENTURY EXPLORATION NEW ORLEANS, INC., Borrower
		
	 By:
	 	 /s/ Jeff T. Craycraft

	 Name:
	 	 Jeff T. Craycraft

	 Title:
	 	 CFO

	
	CENTURY EXPLORATION HOUSTON, INC., Borrower
		
	 By:
	 	 /s/ Jeff T. Craycraft

	 Name:
	 	 Jeff T. Craycraft

	 Title:
	 	 CFO

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - SIGNATURE PAGE] 

 
			
	 UNION BANK, N.A.,

Administrative Agent and Lender

		
	 By:
	 	 /s/ Damien G. Meiburger

	 Name:
	 	 Damien G. Meiburger

	 Title:
	 	 Senior Vice President

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - SIGNATURE PAGE] 

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION, Lender
		
	 By:
	 	 /s/ Eric Broussard

	 Name:
	 	 Eric Broussard

	 Title:
	 	 Senior Vice President

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - SIGNATURE PAGE] 

 
			
	REGIONS BANK, Lender

		
	 By:
	 	 /s/ William A. Philipp

	 Name:
	 	 William A. Philipp

	 Title:
	 	 Senior Vice President

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - SIGNATURE PAGE] 

 
			
	BNP PARIBAS, Lender
		
	 By:
	 	 /s/ Polly Schott

	 Name:
	 	 Polly Schott

	 Title:
	 	 Director

 

			
	 By:
	 	 /s/ Courtney Kubesch

	 Name:
	 	 Courtney Kubesch

	 Title:
	 	 Vice President

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - SIGNATURE PAGE] 

 [THIRD AMENDMENT] 

CONSENT AND AGREEMENT 
 The undersigned hereby (i) consents to the provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Second Amended and Restated Guaranty dated as of
September 4, 2009 (the “Guaranty”) made by it for the benefit of Administrative Agent and Lenders, which Guaranty was executed pursuant to the Credit Agreement and the other Loan Documents, (iii) agrees that all of its respective
obligations and covenants under the Guaranty shall remain unimpaired by the execution and delivery of this Amendment and the other documents and instruments executed in connection herewith, and (iv) agrees that the Guaranty and such other Loan
Documents shall remain in full force and effect. 
  

			
	RAAM GLOBAL ENERGY COMPANY
		
	 By:
	 	 /s/ Jeff T. Craycraft

	 Name:
	 	 Jeff T. Craycraft

	 Title:
	 	 CFO

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - CONSENT AND AGREEMENT] 

 [THIRD AMENDMENT] 

CONSENT AND AGREEMENT 
 Each of the undersigned hereby (i) consents to the provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and confirms the First Amended and Restated Guaranty dated
as of September 4, 2009 (the “Guaranty”) made by it for the benefit of Administrative Agent and Lenders, which Guaranty was executed pursuant to the Credit Agreement and the other Loan Documents, (iii) agrees that all of its
respective obligations and covenants under the Guaranty shall remain unimpaired by the execution and delivery of this Amendment and the other documents and instruments executed in connection herewith, and (iv) agrees that the Guaranty and such
other Loan Documents shall remain in full force and effect. 
  

			
	SITA ENERGY, LLC
		
	 By:
	 	 /s/ Jeff T. Craycraft

	 Name:
	 	 Jeff T. Craycraft

	 Title:
	 	 CFO

  

			
	CENTURY EXPLORATION RESOURCES, INC.
		
	 By:
	 	 /s/ Jeff T. Craycraft

	 Name:
	 	 Jeff T. Craycraft

	 Title:
	 	 CFO

  

			
	WINDSTAR ENERGY, LLC
		
	 By:
	 	 /s/ Jeff T. Craycraft

	 Name:
	 	 Jeff T. Craycraft

	 Title:
	 	 CFO

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT - CONSENT AND AGREEMENT] 

 BUSINESS SUBSIDIARIES 

DISCLOSURE SCHEDULE 5.14 
 TO THE 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

AMONG 

CENTURY EXPLORATION NEW ORLEANS, INC. 
 CENTURY EXPLORATION HOUSTON, INC. 
 (as “Borrowers”)

 AND 
 UNION BANK, N.A. 
 (as “Administrative Agent”) 

1. RAAM may acquire a membership interest in Concorde up to the percentage interest it will earn with the investment permitted pursuant to
Section 7.8(iii) of the Credit Agreement, which is currently expected to be 25%. 

  

[THIRD AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT 
 – DISCLOSURE SCHEDULE
5.14]Premium Finance Agreement

 Exhibit 10.5 

 

							
	

	  	 PREMIUM FINANCE AGREEMENT

 
 ***A719799***
	  	 
  

 
  
	Louisiana

P.O. Box 3066 - 3522 Thomasville Rd.
 Tallahassee, FL 32315
 Phone 850-907-5610
	  
   

  

  

  

																													
	 ̈PERSONAL                xCOMMERCIAL                 ̈NEW        
        xAGENCY
RENEWAL                 ̈ADD’L PREMIUM

											
	THIS AGREEMENT, made effective the	  	 1
	 	day of	  	 May 2010
	 	, between	 	
	 RAAM GLOBAL ENERGY CO & CENTURY
EXPLORATION
	 	

											
	(Name of Borrower/Insured exactly as it appears in financed policies)	 	SSN OR TAX #	 	  
	 		 	

									
				
	 ADDRESS
	 	 C/O MR MICHAEL WILLIS 3838 N CAUSEWAY BLVD 2800
	 		 	

																							
		 	CITY	 	 METAIRIE
	 	STATE	 	 LA
	 	ZIP	 	     70002
	 	PHONE	 	     # (504) 832-3750
	 		 	

 hereinafter called the Borrower, and Premium Assignment Corporation, a Florida Corporation hereinafter called Lender,
for the purpose of financing the purchase of insurance policies described in the Scheduled Policies of Insurance listed in page 3 to this Agreement. 
  

																													
	 TOTAL
 PRICE OF
 PREMIUMS
	  	- CASH
DOWN
PAYMENT	 	  	= PRINCIPAL
BALANCE
OWED ON
PREMIUMS	 	  	+ DOC
STAMPS &
SERVICE FEE
(if applicable)	 	  	= TOTAL
AMOUNT
FINANCED	 	  	+ FINANCE
CHARGE
(Amount credit
costs over term
of loan)	 	  	= TOTAL OF
PAYMENTS
(Amount paid if
all payments
made as
scheduled)	 	  	ANNUAL
INTEREST
RATE	 
								
	 9,880,750.00
	  	 	1,006,366.74	  	  	 	8,874,383.26	  	  	 	0.00	  	  	 	8,874,383.26	  	  	 	182,917.40	  	  	 	9,057,300.66	  	  	 	4.92	  

  

							
	 SELECT BILLING OPTION: xPayment Book  ̈Monthly Invoice
 YOUR PAYMENT SCHEDULE WILL BE:
	  	Amount of Monthly

Payment
	  	Number of
 Payments
	  	Date First Payment
 is
Due

				
	 Each monthly payment due on same day of each succeeding month

until paid in full.
	  	1,006,366.74	  	9	  	6/1/2010

 FOR VALUE RECEIVED,
BORROWER PROMISES TO PAY to the order of Lender at the address given at the top of this page, the Total Amount Financed and all sums shown above, including interest at the Annual Interest Rate and other charges as described hereinafter, pursuant to
the terms stated below and in page 2 of this Agreement. 
 1. SECURITY FOR PAYMENT: To secure payment of all sums due under
this Agreement, Borrower grants Lender a security interest in any unearned premiums or other sums which may become payable under the Scheduled Policies of Insurance shown on page 3. 
 2. LIMITED POWER OF ATTORNEY: BORROWER IRREVOCABLY APPOINTS LENDER AS ATTORNEY-IN-FACT TO CANCEL THE SCHEDULED POLICIES OF INSURANCE AFTER BORROWER DEFAULTS IN MAKING PAYMENTS UNDER THIS
AGREEMENT. 
 3. NOTICE TO BORROWER: [1) Do not sign this Agreement before you read it, or if it contains any blank space (other
than as provided on the next page), (2) You are entitled to have and should retain a completely filled in copy of this Agreement to protect your legal rights, (3) Under the law, you have the right to pay off in advance the full amount due
and under certain conditions to obtain a partial refund of the service charge, and (4) BY SIGNING BELOW BORROWER AGREES TO THE PROVISIONS ABOVE AND ALL OF THE TERMS WHICH APPEAR ON THE SECOND PAGE OF THIS AGREEMENT AND ACKNOWLEDGES RECEIPT OF
COPIES OF PAGES 1, 2 AND 3 OF THIS AGREEMENT. 
 SIGNATURE OF ALL INSURED[S] NAMED IN POLICIES OR AUTHORIZED AGENT OF INSURED[S], AS
PERMITTED BY LAW: 
  

							
	 5/17/10
	  	 /s/ Michael J. Willis
	  	  
	  	  

	 Date
	  	 Name and Title: Michael J. Willis, COO
	  	 Date
	  	 Name and Title:

 
 PRODUCER’S
REPRESENTATIONS & WARRANTIES: 
 The undersigned Producer represents and warrants that: (A) The Cash Down Payment
shown above has been paid by or on behalf of the Borrower. (B) The Total Price of Premiums shown above has been or will be used to purchase insurance policies shown in the Scheduled Policies of Insurance on page 3 of this Agreement. Any portion
of the Total Price of Premiums received by Producer that is not used to purchase such insurance policies, as well as any refunds or credits on such policies, shall be promptly paid to Lender. (C) To the best of the undersigned’s knowledge
and belief, Borrower is not subject to any bankruptcy or insolvency proceedings and Producer has no reason to believe that Borrower is insolvent. (D) The Borrower’s signature(s) is (are) genuine and authorized, or to the extent permitted
by applicable law, the Producer has been authorized by Borrower to sign this Agreement on Borrower’s behalf. (E) Producer has delivered or will deliver a copy of this Agreement to Borrower. Producer agrees that the
Representations & Warranties above, as well as those on page 3 of this Agreement, are a binding contract between Producer and Lender. 
 PRODUCER/AGENCY 
  

									
	Name	  	 USI SOUTHWEST - HOUSTON
	  		  		  	
	Address	  	 PO BOX 218060
	  		  	 5/14/2010
	  	 /s/ Bethany Loving

		  	 HOUSTON, TX 77218
	  		  	Date	  	PRODUCER’S SIGNATURE

  
 Page 1 of 4

 

 

 IN CONSIDERATION of the payment by Lender of the Principal Balance Owed on Premiums shown on page 1 to the insurance
companies named in the Scheduled Policies of Insurance shown on page 3 (or the agents of such companies), the Borrower agrees: 
 4.
ACCEPTANCE DATE This Agreement is binding upon its acceptance by Lender. Acceptance shall occur upon payment of the Principal Balance Owed on Premiums to the insurance companies named in the Scheduled Policies of Insurance, or the agents of such
companies. 
 5. PAYMENTS Borrower shall make payments directly to Lender in the amounts and at (he same time specified on page 1 of this
Agreement. Payments shall be made at Lender’s address given at the top of page I or such other address as Lender may direct in writing. Payments made to any other address, person, firm, corporation or insurance agency (including but not limited
to the Producer) shall not constitute payment to Lender. Payments received after cancellation of the Scheduled Policies of Insurance shall be credited to the unpaid balance due under this Agreement and shall not constitute reinstatement of the
cancelled policies, nor shall it constitute a waiver by Lender of any rights. 
 6. LATE CHARGES If a payment is more than 5 days late,
Borrower agrees to pay a late charge of 5% of each delinquent or unpaid installment, unless prohibited by applicable law. 
 7.
DEFAULT/CANCELLATION A default shall occur if Borrower fails to pay any sums required by this Agreement in a timely manner, including interest and Late Charges, or if Borrower fails to carry out any other obligations under this Agreement. After
default, any unpaid balance of the Total Amount Financed may become immediately due and payable in full at the option of Lender, and Lender may enforce its security interest and its rights under the Limited Power of Attorney. Interest will continue
to accrue on the unpaid balance at the Annual Percentage Rate or maximum rate allowed by applicable law, at the option of Lender, until all balances owed under this Agreement are paid. Lender may request cancellation of all or any of the Scheduled
Policies of Insurance at the earliest time after default permitted by applicable law. Should Lender cancel the Scheduled Policies of Insurance, Borrower agrees to pay Lender a cancellation fee of $15 as permitted by applicable law. 

8. EXCESS INTEREST OR FEES It is the intent of the Lender that no interest, fee or charge in excess of that permitted by applicable law will be
charged, taken or become payable under this Agreement In the event it is determined that Lender has taken, charged or accrued interest, fees or charges in excess of that permitted under law, such excess shall be returned to Borrower or credited
against the sum due Lender hereunder. 
 9. REFUNDS The Borrower will receive a refund of the finance charge if the account is prepaid in
full prior to the last installment due date. The refund shall be computed according to applicable law subject to a nonrefundable service charge of $20. 
 10. SHORTAGE OR OVERAGE OF RETURNED PREMIUM If Lender does not receive unearned premiums or other funds after cancellation or expiration of the Scheduled Policies of Insurance in an amount
sufficient to pay the unpaid balance due under this Agreement, Borrower agrees to pay the deficiency to Lender on demand. Interest shall accrue on the deficiency at the Annual Percentage Rate, or the maximum rate allowed by applicable law, at the
option of Lender. If the unearned premiums received by Lender are more than the amount due under this Agreement, the excess shall be returned to Borrower within the lime allowed by applicable law. Borrower has no right to any excess of less than the
minimum amount required to be paid by applicable law. 
 11. ATTORNEYS FEES/COURT COSTS Borrower agrees to pay all attorneys fees,
expenses and costs incurred by Lender in collecting amounts due from Borrower under this Agreement, including attorneys fees incurred on appeal and in bankruptcy, unless prohibited or limited by applicable law. 

12. LENDER RELATIONSHIP Borrower acknowledges that: (a) Lender is not an insurance agent nor an insurance company, (b) This Agreement is
a financing agreement and not an insurance policy or guarantee of insurance coverage, (c) Lender has played no part in the selection or structuring of the financed insurance policies, (d) Lender has no obligation to request reinstatement
of any insurance policies properly cancelled after a default under this Agreement, and (e) The decision of whether to reinstate insurance coverage is made solely by the insurance companies providing coverage, not Lender. 

13. ADDITIONAL PREMIUMS Lender may advance to Producer, as Borrower’s agent, or to an insurance company any additional premiums that may
become due, less normal down payment, adding the advanced amount, plus any finance charge, to Borrower’s balance under this Agreement. However, any additional premium which is owed to the insurance company(ies) named in the Scheduled Policies
of Insurance as a result of any misclassification of risk which is not paid in full or financed in this Agreement may result in cancellation of the coverage by the insurance company for nonpayment of premium Lender’s payment shall not be
applied by the insurer to pay for any additional premium owed by Borrower as a result of any misclassification of risk. 
 14. LENDER
LIABILITY Lender is not responsible for any damages resulting from cancellation of the Scheduled Policies of Insurance by Lender, as long as the cancellation was done in accordance with applicable law. Borrower shall be responsible for
Lender’s reasonable attorneys fees and expenses for any unsuccessful action filed by Borrower seeking damages for improper cancellation. Lender’s liability for breach of this Agreement shall be limited to the Principal Balance Financed
under this Agreement, if permitted by applicable law. 
 15. RETURNED CHECKS Borrower agrees to pay a returned check fee of 5% of the
check ($15 max.) as allowed by applicable law, for each of Borrower’s checks returned to Lender for Insufficient funds or because the insured has no account in the payor bank. 
 16. WARRANTIES OF BORROWER Borrower warrants that. (a) Each of the Scheduled Policies of lnsurance have been issued or a binder has been issued; (b) Borrower has not and will not assign
or encumber any unearned premium of the Scheduled Policies of lnsurance or grant a power of attorney to cancel the Scheduled Policies of lnsurance to anyone other than Lender until all sums due under this Agreement are paid in full; (c) Lender
may assign all its rights under this Agreement as allowed by applicable law; (d) No proceeding in bankruptcy or insolvency has been instituted by or against Borrower or is contemplated by Borrower, and (e) No insurance financed by this
Agreement was purchased for personal, family or household purposes, unless so indicated on page 1 and (f) The Signatory Producer/Agency may receive compensation, remuneration and/or non-cash benefits from Lender. 

17. INTEREST CALCULATION Interest is computed on an annual basis of 12 months of 30 days on the balance of the Total Amount Financed, from the
effective dale of the earliest insurance policy for which premiums are being advanced to the date when all sums due under this Agreement are paid, 
 18. BLANK SPACES Borrower agrees that if any policy financed by this Agreement has not been issued at the time the Agreement is signed, the names of the insurance companies issuing the financed
policies, the policy numbers and the due date of the first installment may be inserted in the Agreement after it is signed. 
 19. GOVERNING
LAW The Parties agree that the law of the state in which this Agreement is executed shall control the interpretation of the Agreement and the rights of the parties, unless the Agreement is executed in a stale without premium finance laws, in
which case the law of the State of Florida shall govern. 
 20. SAVINGS AND MERGER CLAUSE The Parties agree that if one or more portions
of this Agreement are found to be invalid or unenforceable for any reason, the remaining portions shall remain fully enforceable. The parties also agree that this Agreement contains the entire agreement between the parties regarding the subject
matter herein and supersedes any prior discussions. 
 21. FINANCING OPTION Entry into this financing arrangement is not a condition of
obtaining insurance. You may opt to pay the premium for such insurance without financing such premium, or to obtain financing from some other source if you choose. 

  
 Page 2 of 4

			
	

	  	 State: LA
 SCHEDULED POLICIES OF INSURANCE

	  

  

							
		  		  	V8(30)G125865I1.59
	RAAM GLOBAL ENERGY CO & CENTURY EXPLORATION	  	USI SOUTHWEST - HOUSTON	  	11785
	C/O MR MICHAEL WILLIS	  	PO BOX 218060	  	
	3838 N CAUSEWAY BLVD 2800	  	HOUSTON, TX 77218-8060	  	
	METAIRIE, LA 70002	  	***A719799***	  	(713)490-4600	  	
	(504) 832-3750	  	

  

													
	 Premium
	 	 Down Payment
	 	 Unpaid Balance
	 	 Doc Stamps/Fees
	 	 Amt. Financed
	 	 Finance Charges
	 	 Total/Payments

	 9,880,750.00
	 	 1,006,366.74
 (10.19%)
	 	8,874,383.26	 	0.00	 	8,874,383.26	 	182,917.40	 	9,057,300.66
							
	 Payment
	 	 Payments
	 	 Rate
	 	 First Due
	 	 Type
	 	 Status
	 	 Contract Type

	 1,006,366.74
	 	9	 	4.92%	 	6/1/2010	 	BOOK	 	RENEW	 	COMMERCIAL

  

																									
	 EFF DATE
EXP DATE
	  	 COMPANY/BROKER
	  	 CITY
	  	ST	 	  	CO.
#	 	  	TYPE
MEP	 	 	 POLICY

NO.
	  	TOTAL
PREMIUM	 
									
	5/1/2010	  	 CO:  
	  	LLOYDS OF LONDON	  	TALLAHASSEE	  	 	FL	  	  	 	82864	  	  	 	PKG	  	 		  	 	1,755,158.00	  
	5/1/2011	  	 MGA:
	  	USI SOUTHWEST - METAIRIE	  	METAIRIE	  	 	LA	  	  	 	66841	  	  	 	0.00	% 	 		  			
		  		  		  		  				  				  				 	Taxes/Fees	  	 	17,551.00	  
		  		  		  		  				  				  				 	Total	  	 	1,772,709.00	  
		  		  		  		  				  				  				 		  	 	 	 
									
	5/1/2010	  	CO:	  	LLOYDS OF LONDON	  	TALLAHASSEE	  	 	FL	  	  	 	82864	  	  	 	PKG	  	 		  	 	4,297,894.00	  
	5/1/2011	  	MGA:	  	USI SOUTHWEST - METAIRIE	  	METAIRIE	  	 	LA	  	  	 	66841	  	  	 	0.00	% 	 		  			
		  		  		  		  				  				  				 	Taxes/Fees	  	 	42,978.00	  
		  		  		  		  				  				  				 	Total	  	 	4,340,872.00	  
		  		  		  		  				  				  				 		  	 	 	 
									
	5/1/2010	  	CO:	  	LIBERTY MUTUAL INS CO	  	HOUSTON	  	 	TX	  	  	 	87117	  	  	 	PKG	  	 		  	 	351,032.00	  
	5/1/2011	  	MGA:	  		  		  				  				  	 	0.00	% 	 		  			
		  		  		  		  				  				  				 	Taxes/Fees	  	 	3,510.00	  
		  		  		  		  				  				  				 	Total	  	 	354,542.00	  
		  		  		  		  				  				  				 		  	 	 	 

  

							
	Created By:	  	 ufls110
	  	Auth Code:	  	  

 
  
 ADDITIONAL REPRESENTATIONS & WARRANTIES OF PRODUCER 
 (F) All information provided
above is complete and correct in all respects and the policies listed above are or will be in force on the stated Effective Date and delivered by Producer to the Borrower, except for assigned risk or residual market policies. 

(G) If any information listed above is or becomes incomplete or inaccurate, Producer shall promptly provide correct information to Lender. 

(H) The Producer is an authorized policy issuing agent of the companies issuing the policies listed above or is the authorized agent of the MGA or broker
placing the coverage directly with the insuring company, except those policies indicated with an “X”. 
 (I) None of the policies
listed above are subject to reporting or retrospective rating provisions. All policies subject to audit, minimum or fully earned premium provisions are indicated below; 

 

			
	Policy No and Prefix No:	  	  

 (J) Except as indicated above, all Scheduled Policies of Insurance can be cancelled by Borrower or Lender on 10 days notice and the unearned premiums will be computed pro rata or on the standard short
rate table. 
 (K) If any Scheduled Policies of Insurance are subject to audit, Producer and Borrower have made good faith determination that
the deposit, provisional or initial premiums are not less than the anticipated premiums to be earned for the full term of the policy(ies). 

(L) Upon cancellation of any of the Scheduled Policies of Insurance, Producer shall remit to Lender the full amount of the unearned premium, including
unearned commission, as well as any other payments or credits received by Producer, up to the unpaid balance due under this Agreement, within 15 days of receipt from the insuring company. 

DOCUMENTARY STAMPS REQUIRED BY LAW IF ANY ARE AFFIXED TO MONTHLY JOURNAL AND CANCELLED. 

  
 Page 3 of 4

			
	

	  	 State: LA

SCHEDULED POLICIES OF INSURANCE

 

							
		  		  	V8(30)G125865I1.59
	RAAM GLOBAL ENERGY CO & CENTURY EXPLORATION	  	USI SOUTHWEST - HOUSTON	  	11785
	C/O MR MICHAEL WILLIS	  	PO BOX 218060	  	
	3838 N CAUSEWAY BLVD 2800	  	HOUSTON, TX 77218-8060	  	
	METAIRIE, LA 70002	  	***A719799***	  	(713)490-4600	  	
	(504) 832-3750	  	

  

																			
	 EFF DATE
 EXP DATE
	  	 COMPANY/BROKER
	  	 CITY
	  	 ST
	  	 CO.

#
	  	 TYPE

MEP
	  	 POLICY

NO.
	  	TOTAL
PREMIUM	 
									
	 5/1/2010
	  	CO:	  	LLOYDS OF LONDON	  	TALLAHASSEE	  	FL	  	82864	  	PKG	  		  	 	1,255,350.00	  
	 5/1/2011
	  	MGA:	  	USI SOUTHWEST - METAIRIE	  	METAIRIE	  	LA	  	66841	  	0.00%	  		  			
		  		  		  		  		  		  		  	Taxes/Fees	  	 	12,553.00	  
		  		  		  		  		  		  		  	Total	  	 	1,267,903.00	  
		  		  		  		  		  		  		  		  	 	 	 
									
	 5/1/2010
	  	CO:	  	LLOYDS OF LONDON	  	TALLAHASSEE	  	FL	  	82864	  	PKG	  		  	 	1,603,490.00	  
	 5/1/2011
	  	MGA:	  	USI SOUTHWEST - HOUSTON	  	HOUSTON	  	TX	  	64460	  	0.00%	  		  			
		  		  		  		  		  		  		  	Taxes/Fees	  	 	16,034.00	  
		  		  		  		  		  		  		  	Total	  	 	1,619,524.00	  
		  		  		  		  		  		  		  		  	 	 	 
									
	 5/1/2010
	  	CO:	  	BROKERFEE	  		  	**	  		  	FEES	  		  	 	215,000.00	  
	 5/1/2011
	  	MGA:	  		  		  		  		  	100.00%	  		  			
		  		  		  		  		  		  		  	Taxes/Fees	  	 	2,150.00	  
		  		  		  		  		  		  		  	Total	  	 	217,150.00	  
		  		  		  		  		  		  		  		  	 	 	 
									
	 5/1/2010
	  	CO:	  	AGENT FEES	  	TALLAHASSEE	  	FL	  	83698	  	FEES	  		  	 	305,000.00	  
	 5/1/2011
	  	MGA:	  		  		  		  		  	50.00%	  		  			
		  		  		  		  		  		  		  	Taxes/Fees	  	 	3,050.00	  
		  		  		  		  		  		  		  	Total	  	 	308,050.00	  
		  		  		  		  		  		  		  		  	 	 	 

							
	 Created By:
	  	 ufls110
	  	Auth Code:	  	  

  

 
 ADDITIONAL REPRESENTATIONS &
WARRANTIES OF PRODUCER 
 (F) All information provided above is complete and correct in all respects and the policies listed above are or
will be in force on the stated Effective Date and delivered by Producer to the Borrower, except for assigned risk or residual market policies. 

(G) If any information listed above is or becomes incomplete or inaccurate, Producer shall promptly provide correct information to Lender. 

(H) The Producer is an authorized policy issuing agent of the companies issuing the policies listed above or is the authorized agent of the MGA or broker
placing the coverage directly with the insuring company, except those policies indicated with an “X”. 
 (I) None of the policies
listed above arc subject to reporting or retrospective rating provisions. All policies subject to audit, minimum or fully earned premium provisions are indicated below: 

 

			
	Policy No and Prefix No:	  	  

 (J) Except as indicated above, all Scheduled Policies of Insurance can be cancelled by Borrower or Lender on 10 days notice and the unearned premiums will be computed pro rata or on the standard short
rate table. 
 (K) If any Scheduled Policies of Insurance are subject to audit, Producer and Borrower have made good faith determination that
the deposit, provisional or initial premiums arc not less than the anticipated premiums to be earned for the full term of the policy(ies). 

(L) Upon cancellation of any of the Scheduled Policies of Insurance, Producer shall remit to Lender the full amount of the unearned premium, including
unearned commission, as well as any other payments or credits received by Producer, up to the unpaid balance due under this Agreement, within 15 days of receipt from the insuring company. 

DOCUMENTARY STAMPS REQUIRED BY LAW IF ANY ARE AFFIXED TO MONTHLY JOURNAL AND CANCELLED. 

  
 Page 4 of 4

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