OTHER INFORMATION
+Added: On May 10, 2021, the Company entered into the Fourth Amendment to Senior Secured Revolving Credit Agreement (the Fourth Amendment) which reduces the borrowing base to $185.0 million effective June 1, 2021 and further reduces the borrowing base to $175.0 million effective September 1, 2021.
+Added: The Fourth Amendment also, among other things, (i) increased interest margins to 2.00% to 3.00% for ABR-based loans and 3.00% to 4.00% for Eurodollar-based loans, (ii) amended the covenant relating to the minimum mortgaged total value of proved borrowing base properties to increase the value from 90% to 95%, (iii) provides for direct reductions in the borrowing base in the event of asset dispositions in excess of $1.0 million per fiscal year or swap terminations and (iv) revised certain covenants and covenant-related baskets including, but not limited to, adding covenants prohibiting the designation of unrestricted subsidiaries and requiring prior consent from the lenders regarding asset dispositions or swap terminations in excess of the greater of $7.5 million or 3.5% of the then effective borrowing base.
The following documents are included as exhibits to this Quarterly Report on Form 10-Q.
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(Incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed November 2, 2020).
−Removed: Employment Agreement between R.
−Removed: Kevin Andrews and Battalion Oil Corporation effective as of August 17, 2020.
+Added: Fourth Amendment to the Senior Secured Revolving Credit Agreement dated as of May 10, 2021, by and among Battalion Oil Corporation, as borrower, Bank of Montreal, as administrative agent, and the lenders party thereto.
Sarbanes-Oxley Section 302 certification of Principal Executive Officer
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BATTALION OIL CORPORATION
−Removed: November 9, 2020
/s/ RICHARD H.
Chief Executive Officer
−Removed: November 9, 2020
KEVIN ANDREWS
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.