CHANGE IN TERMS AGREEMENT
Exhibit 10.6
BORROWER:
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LENDER: | |
Xxxxxxxxxxxx Resources, Inc.
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FIRST INTERSTATE BANK | |
PO Box 449
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Billings Office — Commercial Dept. | |
Xxxxxx, XX 00000-0000
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000 Xxxxx 00xx Xx. | |
| X. X. Xxx 00000 | ||
| Xxxxxxxx, XX 00000 | ||
Date of Agreement:
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11/6/09 | |
Note Number:
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1100236355 |
Description of Existing Indebtedness: Revolving line of credit note dated October 29, 2007 in the
original principal amount of $20,000,000.00. Current principal balance is $17,300,000.00.
Description of Collateral: All inventory, chattel paper, accounts, equipment and general intangibles.
Xxxxxxxxxxxx Resources, Inc. stock.
Description of Change in Terms:
Interest rate remains at fully fluctuating Wall Street Journal Prime Rate (the “Index”), but will
have a floor of not less than 6.000% per annum.
Maturity Date is extended to November 18, 2010.
Monthly interest payments to continue beginning November 18, 2009.
1.000% extension/modification fee on the $20,000,000.00 payable on the date hereof.
Continuing Validity. Except as expressly changed by this Agreement, the terms of the original
obligation or obligations, including all agreements evidenced or securing the obligation(s), remain
unchanged and in full force and effect. Consent by Lender to this Agreement does not waive
Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make
any future change in terms. Nothing in this Agreement will constitute a satisfaction of the
obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers
of the original obligation(s), including accommodation parties, unless a party is expressly
released by Lender in writing. Any maker or endorser, including accommodation makers, will not be
released by virtue of this Agreement. If any person who signed the original obligation does not
sign this Agreement below, then all persons signing below acknowledge that this Agreement is given
conditionally, based on the representation to Lender that the non-signing party consents to the
changes and provisions of this Agreement or otherwise will not be released by it. This waiver
applies not only to any initial extension, modification or release, but also to all such subsequent
actions.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT.
BORROWER AGREES TO THE TERMS OF THE AGREEMENT AND ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THE
AGREEMENT.
BORROWER:
XXXXXXXXXXXX RESOURCES, INC.
BY
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/s/ Xxxxxxx X. Xxxxxx
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| VICE PRESIDENT OF DEVELOPMENT AND TREASURER |
FIRST INTERSTATE BANK
BY
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/s/ Xxxxx Xxxxxxxxx
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