FORBEARANCE EXTENSION LETTER July 16, 2012
Exhibit 10.44
WHITEBOX
July 16, 2012
VIA FEDERAL EXPRESS, FACSIMILE AND EMAIL
Delta Petroleum Corporation
000 Xxxxxxxxxxx Xxxxxx, Xxxxx 0000
Denver, CO 80202
Attention: Chief Financial Officer
Telecopier No.: (000) 000-0000
| RE: | Extension of Forbearance Period |
Reference is hereby made to that certain First Forbearance Agreement dated as of July 3, 2012 by and among Delta Petroleum Corporation (“Borrower”), the Guarantors party thereto (the “Guarantors”), the Lenders party thereto, Whitebox Advisors LLC, as administrative agent (the “Administrative Agent”) and collateral agent (“Collateral Agent”) (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Forbearance Agreement”). Unless otherwise indicated, all capitalized terms used herein without definition shall have the meanings given to such terms in the Forbearance Agreement.
Pursuant to Section 4 of the Forbearance Agreement, Xxxxxxxx has requested that the date set forth in clause (i) of Section 4 of the Forbearance Agreement be extended from July 16, 2012 to July 30, 2012. Administrative Agent, on behalf of the Lenders, has agreed to extend such date from July 16, 2012 to July 30, 2012 (the “Extension”).
Except as expressly amended hereby. the Forbearance Agreement and the other Loan Documents are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. The terms of this letter (the “Letter”) shall not be deemed (i) a waiver of any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition or obligation of the Borrower or any other Loan Party in the Forbearance Agreement or any other Loan Document except as expressly set forth herein, (iii) a consent, waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the Loan Documents or (vi) to prejudice any right to remedy which the Administrative Agent or any Lender may now or in the future have under or in connection with the Forbearance Agreement or any other Loan Document. This Letter and the Extension provided for herein shall not obligate the Administrative Agent and/or Lenders to grant any further waivers or extensions of any kind whatsoever. This Letter shall constitute a Loan Document.
[REMAINDER OF XXXX LEFT BLANK; SIGNATURES FOLLOW]
0000 Xxxxxxxxx Xxxxxxxxx x Xxxxx 000 x Xxxxxxxxxxx, XX 00000
000-000-0000 | fax 000-000-0000 | xxx.xxxxxxxxxxxxxxxx.xxx
| Very truly yours, | ||
| Whitebox Advisors LLC, as the Administrative Agent | ||
| By: | ||
| Name: | Xxxxx Xxxx | |
| Title: | Chief Financial Officer | |
With a copy to:
Xxxxx Xxxxxx & Xxxxxx LLP
0000 00xx Xxxxxx
Suite 500
Denver Colorado 80202
Attention: Xxxxxx Xxxxxx, XX.
Telecopier No.: (000)-000-0000
