August 8, 2002
EXHIBIT 4.14
August 8, 2002
U S Liquids, Inc.
000 X. Xxx Xxxxxxx Xxxx X.
Xxxxx 000
Xxxxxxx, Xxxxx 00000
Re: Consent under Credit Agreement
Ladies/Gentlemen:
Please refer to the Second Amended and Restated Credit Agreement dated as of February 3, 1999 (as amended, the “Credit Agreement”) among U S Liquids, Inc. (the “Company”), various financial institutions and Bank of America, N.A. (f/k/a Bank of America National Trust and Savings Association), as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein have the respective meanings given to them in the Credit Agreement.
The Required Banks agree that, notwithstanding anything to the contrary contained in Sections 10.23 and 10.24 of the Credit Agreement, (a) the net book value of all property of the Company and its Subsidiaries located at the Ethanol Plant Site, 0000 Xxxxxxx 000, Xxxxxx, Xxxxxxx, 00000 shall not exceed $1,750,000 at any time and (b) Parallel Products of Florida, Inc. may not own assets (other than accounts receivable) with a net book value in excess of $1,750,000.
This letter agreement may be executed by the parties hereto on separate counterparts. This letter agreement shall become effective when the Administrative Agent has received counterparts hereof executed by the Required Banks and the Company. This letter agreement shall be governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State.
This letter agreement is limited to the matters specifically set forth herein and shall not be deemed to constitute a waiver or consent with respect to any other matter whatsoever. Except as specifically set forth herein, the Credit agreement herein, the Credit Agreement shall remain in full force and effect and is hereby ratified in all respects.
Very truly yours, | ||||||
BANK OF AMERICA, N.A., as Administrative Agent | ||||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||||
Name: Xxxxxxxx Xxxxxxx Title: Vice President |
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BANK OF AMERICA, N.A., as a Bank | ||||||
By: | /s/ Xxxxxx X. Xxxxxxxx | |||||
Name: Xxxxxx X.
Xxxxxxxx Title: Senior Vice President |
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FLEET NATIONAL BANK, as Syndication Agent and as a Bank | ||||||
By: | /s/ Xxxxx X. Xxxxxx | |||||
Name: Xxxxx X.
Xxxxxx Title: Vice President |
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BANK ONE, NA | ||||||
By: | /s/ Xxxxxx Xxxxxx | |||||
Name: Xxxxxx Xxxxxx Title: First Vice President |
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THE BANK OF NOVA SCOTIA | ||||||
By: | /s/ X. Xxxx | |||||
Name: X. Xxxx Title: Senior Manager |
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UNION BANK OF CALIFORNIA | ||||||
By: | ||||||
Name: | ||||||
Title: |
COMERICA BANK | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
XXXXX FARGO BANK, N.A. | ||||||
By: | /s/ Xxxxx Xxxxxxx | |||||
Name: Title: |
Xxxxx Xxxxxxx Vice President |
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BNP PARIBAS | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
ACKNOWLEDGED AND AGREED: | ||||||
U S LIQUIDS INC. | ||||||
By: | /s/ Xxxxx Xxxx | |||||
|
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Name: Title: |
Xxxxx Xxxx Vice President & Treasurer |