ORIGINATOR RELEASE
Exhibit 10.77
THIS ORIGINATOR RELEASE is dated as of August 8, 2005 and is entered into by and among CONSOL ENERGY INC., CONSOL SALES COMPANY, CONSOL OF KENTUCKY INC., CONSOL PENNSYLVANIA COAL COMPANY, CONSOLIDATION COAL COMPANY, ISLAND CREEK COAL COMPANY, WINDSOR COAL COMPANY, XXXXXXX COAL COMPANY, KEYSTONE COAL MINING COMPANY, EIGHTY-FOUR MINING COMPANY, CNX MARINE TERMINALS INC., CNX GAS COMPANY LLC (“CNX Gas”), CNX FUNDING CORPORATION (“CNX Funding”), MARKET STREET FUNDING CORPORATION (“Xxxxxx Xxxxxx”), XXXXXXX XXXXXX FUNDING CORP. (“Liberty Street”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), and THE BANK OF NOVA SCOTIA (“BNS”).
Reference is hereby made to that certain Purchase and Sale Agreement dated as of April 30, 2003 by and among CONSOL Sales Company, CONSOL of Kentucky Inc., CONSOL Pennsylvania Coal Company, Consolidation Coal Company, Island Creek Coal Company, Windsor Coal Company, XxXxxxx Coal Company, Keystone Coal Mining Company, Eighty-Four Mining Company, CNX Marine Terminals Inc., CNX Gas, CNX Funding, and CONSOL Energy Inc. (as amended, supplemented, joined, restated and/or otherwise modified from time to time, the “Sale Agreement”) and to that certain Receivables Purchase Agreement dated as of April 30, 2003 by and among CONSOL Sales Company, CONSOL of Kentucky Inc., Consol Pennsylvania Coal Company, Consolidation Coal Company, Island Creek Coal Company, Windsor Coal Company, XxXxxxx Coal Company, Keystone Coal Mining Company, Eighty-Four Mining Company, CNX Marine Terminals Inc., CNX Gas, CNX Funding, CONSOL Energy Inc., Marketstreet, Liberty Street, PNC, and BNS (as amended, supplemented, restated and/or otherwise modified from time to time, the “RPA”).
As of the Effective Time (defined below): (A) CNX Gas ceases to be (i) an Originator under the Sale Agreement and (ii) a Sub-Servicer under the RPA, and (B) all liens on assets of CNX Gas under the Sale Agreement and the RPA are terminated.
This Originator Release shall become effective upon each of the following conditions being completed to the satisfaction of PNC and BNS (the “Effective Time”):
a) | Each of the parties hereto shall have executed this Originator Release; and |
b) | CNX Funding shall provide a pro forma certificate to PNC and BNS setting forth the following: after removal of the CNX Gas Receivables from the facility pursuant to the proposed release, at the time of such release, the sum of (A) the Capital plus (B) the Total Reserves, shall not exceed the sum of (x) the Net Receivables Pool Balance at such time plus (y) the Conduit Purchasers’ Share of the amount of Collections then on deposit in the Lock-Box Accounts (other than amounts set aside therein representing Discount and fees). |
[SIGNATURE PAGES FOLLOW]
[SIGNATURE PAGE - ORIGINATOR RELEASE]
IN WITNESS WHEREOF, the parties have executed this Originator Release as of the 8th day of August, 2005.
CONSOL ENERGY INC. | ||||||||
By: |
/s/ Xxxx X. Xxxxxx | |||||||
Name: |
Xxxx X. Xxxxxx | |||||||
Title: |
Vice President and Treasurer | |||||||
CONSOL SALES COMPANY CONSOL OF KENTUCKY INC. CONSOL PENNSYLVANIA COAL CONSOLIDATION COAL COMPANY ISLAND CREEK COAL COMPANY WINDSOR COAL COMPANY XxXXXXX COAL COMPANY KEYSTONE COAL MINING EIGHTY-FOUR MINING COMPANY CNX MARINE TERMINALS INC. | ||||||||
ATTEST: |
||||||||
By: | /s/ Xxxxx X. Xxxxxx |
By: |
/s/ Xxxx X. Xxxxxx | |||||
Xxxxx X. Xxxxxx, Assistant Secretary of each Subsidiary listed above on behalf of each such Subsidiary | Xxxx X. Xxxxxx, Treasurer of each Subsidiary listed above on behalf of each such Subsidiary | |||||||
ATTEST: |
CNX GAS COMPANY LLC | |||||||
By: | /s/ Xxxxx X. Xxxxxx |
By: |
/s/ Xxxxxxx X. Xxxxxxxxx |
Name: |
Xxxxx X. Xxxxxx |
Name: |
Xxxxxxx X. Xxxxxxxxx | |||||
Title: |
Assistant Secretary |
Title: |
Vice President |
ATTEST: |
CNX FUNDING CORPORATION | |||||||
By: | /s/ Xxxxx X. Xxxxxx |
By: |
/s/ Xxxxxx X. Xxxxxxxx | |||||
Name: |
Xxxxx X. Xxxxxx |
Name: |
Xxxxxx X. Xxxxxxxx | |||||
Title: |
Assistant Secretary |
Title: |
President |
[SIGNATURE PAGE - ORIGINATOR RELEASE]
MARKET STREET FUNDING CORPORATION | ||
By: |
/s/ Xxxxx X. Xxxxx | |
Name: |
Xxxxx X. Xxxxx | |
Title: |
Vice President | |
PNC BANK, NATIONAL ASSOCIATION | ||
By: |
/s/ Xxxx X. Xxxxxxxx | |
Name: |
Xxxx X. Xxxxxxxx | |
Title: |
Vice President | |
LIBERTY STREET FUNDING CORP. | ||
By: |
/s/ Xxxxxxx X. Xxxxxx | |
Name: |
Xxxxxxx X. Xxxxxx | |
Title: |
Vice President | |
THE BANK OF NOVA SCOTIA | ||
By: |
/s/ Xxxxxx Last | |
Name: |
Xxxxxx Last | |
Title: |
Managing Director |