EXHIBIT 10.25
SECOND AMENDMENT TO LOAN AGREEMENT
THIS SECOND AMENDMENT TO LOAN AGREEMENT (hereinafter referred to as the
"Second Amendment"), dated as of December 4, 1996, is made by and between XXXXXX
PRODUCTION SERVICES, INC.("Xxxxxx"), a Texas corporation, whose principal
business address is at 000 X.X. Xxxx 000, Xxxxx 000, Xxx Xxxxxxx, Xxxxx 78209-
1306, and THE FROST NATIONAL BANK, a national banking association with its
principal place of business at 000 X. XXXXXXX XXXXXX, Xxx Xxxxxxx, Xxxxx 00000
(the "Bank").
RECITALS
A. On or about November 30, 0000, Xxxxxx Xxxx Servicing, Inc., a Texas
corporation and Xxxxxx WellTech, L.C., a Texas limited liability
company and bank entered into that certain Loan Agreement(the
"Agreement") concerning the terms, conditions and covenants of that
certain $13,000,000.00 Term Loan from Bank to WellTech and that
certain $4,000,000.00 Revolving Credit Facility in favor of Xxxxxx
Well Servicing.
B. The Loan Agreement was amended by First Amendment to Loan
Agreement dated November 28, 1995.
C. Since the date of the First Amendment, Xxxxxx Well Servicing,
Inc. and Xxxxxx WellTech, L.C. have been merged and a new company
formed, Xxxxxx Production Services, Inc.
D. This Second Amendment is necessary to amend the Loan Agreement to
reflect the change in name described above and to evidence the
renewal of the $4,000,000.00 Revolving Credit Facility.
E. All capitalized terms not otherwise defined in this Second Amendment
shall have the same meanings as are set forth in the Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants and
promises herein contained, Bank and Xxxxxx agree as follows:
AGREEMENTS
1. The definition of "Borrowers" or "Borrower" as set forth in the Loan
Agreement and in Appendix A to the Loan Agreement shall hereinafter
mean Xxxxxx Production Services, Inc.
2. The $4,000,000.00 Revolving Credit Facility is renewed and shall be
evidenced by a Promissory Note in the original principal amount of
$4,000,000.00 dated November 28, 1996 executed by Xxxxxx Production
Services, Inc. and payable to the order of Bank.
3. Except as speciifically modified or amended herein, all terms,
provisions and requirements of the Agreement shall remain as written,
and as amended from time to time. Borrowers hereby reaffirm all
covenants, conditions, representations and warranties contained in
the Agreement, as amended.
NOTICE TO COMPLY WITH STATE LAW
For the purpose of this Notice, the term "WRITTEN AGREEMENT" shall include
the document set forth above, together with each and every other document
relating to and/or securing the same loan transaction, regardless of the date of
execution.
THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
EXECUTED as of the day and year first above written.
BORROWER:
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XXXXXX PRODUCTION SERVICES, INC.,
a Texas corporation
By: /s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx,
President
LENDER:
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FROST NATIONAL BANK
By: /s/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx, Senior Vice President
