[LOGO]
[LETTERHEAD]
June 2, 1999
Crown Asphalt Products Company
And Crown Energy Corporation
000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000
Xxxx Xxxx Xxxx, Xxxx 00000
ATTN: Xx. Xxx Xxxxxx
Re: $1,800,000 Loan - Conforming Amendment
Dear Xxx:
You have brought to our attention the fact that the collateral descriptions in
our Uniform Commercial Code Security Agreement and Loan Agreement (both dated
May 12, 1999), as executed, do not conform with our mutual understanding of the
breadth of the collateral coverage which was to be afforded as security for the
captioned loan obligations. This letter is intended to be a letter agreement to
amend and modify the documentation of the subject loan to meet our pre-closing
understanding.
Accordingly, the Loan Agreement and the Uniform Commercial Code Security
Agreement, are, upon your execution of this letter agreement, amended and
modified so that it is clear that the security interest, assignment, lien,
pledge and other similar collateral interests in furniture inventory,
equipment, supplies, machinery, fixtures, accounts, accounts receivable,
contract rights, instruments, documents, chattel paper, chases in action,
intellectual property and general intangibles, together with all proceeds,
replacements, additions and accessions of the foregoing, are limited to such
property, assets, rights and interests (both tangible and intangible),
directly associated with or used in connection with or derived from the
emulsion plant in Carbon County, Wyoming that is described at pages 1 and 2
in subparagraphs a) and b) of the Uniform Commercial Code Security Agreement.
Any references in the Loan Agreement and the Uniform Commercial Code Security
Agreement to "Collateral" shall be limited as aforesaid.
No other change or modification is made to the Loan Agreement and the Uniform
Commercial Code Security Agreement. Community First National Bank hereby agrees
to execute and deliver to you UCC-3 amendments to modify filed financing
statements in the same fashion.
Sincerely,
COMMUNITY FIRST NATIONAL BANK
/s/ Xxxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx
Senior Vice President
Crown Asphalt Products Company and
Crown Energy Corporation
June 2,1999
Page Two
The above and foregoing letter is hereby accepted in amendment end modification
of the Loan Agreement and the Uniform Commercial Code Security Agreement.
BORROWER:
CROWN ASPHALT PRODUCTS COMPANY
By
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Name:
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Title:
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GUARANTOR:
CROWN ENERGY CORPORATION
By
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Name:
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Title:
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