EXHIBIT 10.3
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SECOND AMENDMENT TO SENIOR REVOLVING LOAN AGREEMENT
THIS AMENDMENT, made and entered into this lst day of October, 1995, by and
between Consolidation Coal Company, a Delaware corporation ("Borrower") and
Xxxxxx Guaranty Trust Company of New York ("Bank").
WITNESSETH:
WHEREAS, Borrower and Bank are parties to a Senior Revolving Loan Agreement
dated as of December 23, 1993 (the "Loan Agreement"); and
WHEREAS, Borrower and Bank desire to hereby amend the Loan Agreement in
certain respects, effective December 13, 1995.
NOW, THEREFORE, in consideration of the foregoing premises, and intending
to be legally bound hereby, Borrower and Bank hereby agree as follows:
1. The Loan Agreement is hereby amended in the following respects,
effective December 13, 1995:
A. The definition of "Applicable Margin" within SECTION 1.1 is amended in its
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entirety to read as follows:
"Applicable Margin" means, for any Interest Period, the amount
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indicated below for each type of Loan based upon the Credit Rating for each
day during such Interest Period:
LIBO CD Base
Rate Rate Rate
Credit Rating Loans Loans Loans
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Level I 0.225% 0.350% 0.0
Level II 0.375% 0.500% 0.0
Level III 0.625% 0.750% 1.0%
B. SECTION 2.3 is amended in its entirety to read as follows:
SECTION 2.3 Fees. The Borrower agrees to pay the Bank, for the
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period (including any portion thereof when its Commitment is suspended by
reason of the Borrower's on the Effective Date and continuing through the
Commitment Termination Date, a commitment fee at the rate of (i) 0.06% per
annum for each day in such period
when the Credit Rating is Level I and (ii) 0.09% per annum for each day in
such period when the Credit Rating is Level II and (iii) 0.20% per annum
for each day in such period when the Credit Rating is Level III, on the
daily average of the excess of the Commitment Amount over the outstanding
principal amount of the Bank's Loans. Such commitment fees shall be
payable by the Borrower quarterly in arrears to the Bank for the period
ending on each Quarterly Payment Date, commencing with the first such day
following December 13, 1995 and on the Commitment Termination Date.
2. All other terms and conditions of the Loan Agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, Borrower and Bank have caused this Second Amendment to
Senior Revolving Loan Agreement to be executed by their respective, duly
authorized officers or representatives as of the day and year first above
written.
CONSOLIDATION COAL COMPANY
By /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, Vice President
and Treasurer of CONSOL Inc.,
Attorney-in-Fact
XXXXXX GUARANTY TRUST COMPANY
OF NEW YORK
By /s/ Xxxxxx Xxxxxxxxx
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Name: Xxxxxx Xxxxxxxxx
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Title: Vice President
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2
SCHEDULE TO EXHIBIT 10.3
In addition, to Exhibit 10.3, Consolidation Coal Company entered into
Second Amendments to the Senior Revolving Loan Agreements of the same date with
each of the following banks, all of which are substantially identical to Exhibit
10.3 in all material respects:
PNC Bank
The Bank of Nova Scotia
Citibank X.X.
Xxxxxx Bank, N.A.