EXHIBIT 10.13
NOTE
$75,000,000.00 February 9, 1998
FOR VALUE RECEIVED, XXXXXX OIL CORPORATION, a Michigan corporation
(the "BORROWER") hereby promises to pay to the order of BANK OF MONTREAL
(the "LENDER"), at the Principal Office of Bank of Montreal (the "AGENT"),
at 000 Xxxxx XxXxxxx, Xxxxxxx, Xxxxxxxx 00000, the principal sum of
Seventy-Five Million and No/100 Dollars ($75,000,000.00) (or such lesser
amount as shall equal the aggregate unpaid principal amount of the Loans
made by the Lender to the Borrower under the Credit Agreement, as
hereinafter defined), in lawful money of the United States of America and
in immediately available funds, on the dates and in the principal amounts
provided in the Credit Agreement, and to pay interest on the unpaid
principal amount of each such Loan, at such office, in like money and
funds, for the period commencing on the date of such Loan until such Loan
shall be paid in full, at the rates per annum and on the dates provided in
the Credit Agreement.
The date, amount, Type, interest rate, Interest Period and maturity of
each Loan made by the Lender to the Borrower, and each payment made on
account of the principal thereof, shall be recorded by the Lender on its
books and, prior to any transfer of this Note, endorsed by the Lender on
the schedules attached hereto or any continuation thereof.
This Note is one of the Notes referred to in the Credit Agreement
dated as of February 9, 1998 among the Borrower, the Lenders which are or
become parties thereto (including the Lender) and the Agent (as the same
may be amended or supplemented from time to time, the "CREDIT AGREEMENT"),
and evidences Loans made by the Lender thereunder. Capitalized terms used
in this Note have the respective meanings assigned to them in the Credit
Agreement.
This Note is issued pursuant to the Credit Agreement and is entitled
to the benefits provided for in the Credit Agreement and the Security
Instruments. The Credit Agreement provides for the acceleration of the
maturity of this Note upon the occurrence of certain events, for
prepayments of Loans upon the terms and conditions specified therein and
other provisions relevant to this Note.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF TEXAS.
XXXXXX OIL CORPORATION
By:_____________________________________
Name: Xxxxx X. Xxxxxx
Title: President
